The data that online marketplaces receive from their underlying sellers and the transactions they facilitate is about to become a precious resource.
The obligations created by the new EU VAT rules on E-commerce place great importance on the relationship between online marketplaces and the underlying sellers on their platforms. The information that underlying sellers provide becomes crucial to the operation of business-critical functions such as VAT calculation, assigning VAT liability at a line-item level, and invoicing.
While the obligations directly relate to seller information and transactional information, they also create additional seller onboarding responsibilities that will form the basis of a data set that may have to be shared with taxing jurisdictions.
- Information required at the seller level
- Information required at the transaction level
- Marketplace responsibilities for seller onboarding
Source Taxamo
