The Luxembourg government is reportedly finalizing legislation to be submitted in parliament to provide for a deferral of the initial deadlines for reporting of cross-border arrangements (DAC6). Luxembourg announced earlier in June 2020 that it was planning to implement the DAC6 deferral, pending approval by the European Council and publication in the Official Journal of the EU (was published on 26 June 2020). Until the legislation for deferral comes into force, no penalties for late submission will be imposed. The deferral and penalty relief will also apply with respect to the exchange of financial account information (DAC2), as well as...