In relation to our legal update on the obligation to submit information to the Cyprus Tax Authorities (“CTA”) relating to cross-border transactions/arrangements, pursuant to the DAC6 legislation, the CTA announced on 3 June 2021 that it shall not impose any administrative fines for the overdue submission of DAC6 information that will be submitted until 30 September 2021, with respect to reportable cross-border arrangements that have been or will be implemented between 25 June 2018 and 31 August 2021.
 
Additionally, and in relation to our legal update on the maintenance and operation of a register of Beneficial Owners, to be kept by the Cyprus Registrar of Companies, it was announced on 25 May 2021 that no penalties will be imposed during the implementation of the interim solution (i.e. between 12 March 2021 and 12 March 2022) for the collection of the beneficial owner data, including those regarding:

- Any companies established before 12 March 2021 which must / should have submitted the relevant data within one (1) year;
- Any companies established after 12 March 2021 which must / should have submitted the relevant data within thirty (30) days; and
- Any change in the relevant data already submitted to the Registrar of Companies which needs to be submitted within fourteen (14) days.  

This means that after the 12 March 2022, the register of Beneficial Owners shall need to be fully updated with the details of the beneficial owners of all legal and other entities.