New Bill in Consultation – Mandatory automatic exchange of information on digital platforms and sanctions – Obligation to submit a Declaration of Compliance and interface with the A.A.D.E. of EFT/POS terminals
- The evaluated regulation is the incorporation of Council Directive (EU) 2021/514, which amends Directive 2011/16/EU on administrative cooperation in the field of taxation.
- The integrated Directive aims to improve the process of information exchange and cooperation between the tax authorities of the member states of the European Union in the field of income taxation, Value Added Tax (VAT), and other indirect taxes.
- It also imposes obligations on sharing economy platform managers operating in the EU to collect and communicate data about the sellers who use their platforms.
- This data allows for a more accurate determination of taxable material and helps to identify and deal with forms of tax fraud, tax evasion, and tax avoidance.
- The bill also addresses issues related to the tax procedure, specifically in relation to the interconnection of electronic funds transfer terminals with the tax administration.
- The assessed regulation provides detailed definitions, concepts, and regulations for the exchange of information between tax authorities of member states.
Source Taxheaven
