Online marketplaces will soon have a raft of reporting obligations to contend with as jurisdictions across the globe take their lead from developments in the EU and from recommendations put forward by the OECD.
The reporting obligations broadly relate to the exchange of information regarding transactional information; income received by sellers on online marketplaces, and additional identifying data on the sellers themselves.
One of the developments that have made most waves in this space is the EU’S DAC7 which is taking its lead from work performed by an Organisation for Economic Cooperation and Development (OECD) 2020 report titled ‘Model Rules for Reporting by Platform Operators with respect to Sellers in the Sharing and Gig Economy’.
Source Vertex
