The latest in a long line of EU directives, DAC6 was voted into law by the Cyprus Parliament on March 18, 2021.
Introducing mandatory disclosure obligations for EU taxpayers and intermediaries, the directive aims at transparency and fairness in taxation and heralds a new battle against tax avoidance and evasion both in Cyprus and beyond.
With its punishing sanctions (which, under EU law can total up to 20,000 euros, not to mention complete loss of reputation), failure to comply is not an option: deadlines must be met, rules must be followed, and any Cyprus-based firm that falls foul of the directive will face dire consequences.
Fortunately, iSPIRAL – the region’s leading Regulatory Technology Provider, with over 14 years of experience in regulatory compliance – has designed the ideal solution to any firm’s efforts to comply with the punishing new regulations: DAC6Zoom.
A comprehensive online platform that is offered as a Software as a Service, the DAC6Zoom Platform has been specifically crafted for intermediaries involved in cross-border tax arrangements – including tax advisors, law firms, fiduciaries, audit/accounting firms, banks, and individual taxpayers.
Requiring minimal time and effort, the platform singles out only those questions relevant to a firm’s business and generates a complete XML file for manual upload, as necessitated by the directive.
Characteristic of iSPIRAL’s state-of-the-art solutions, the customisable, flexible DAC6Zoom Platform meets the rigorous new directive to ensure firms remain risk-free and effortlessly compliant.