- DAC-7 EU data return deadline is approaching at the end of January 2024
- This is not directly related to VAT, but about data collection and reporting for platform operators in the UK
- There are financial penalties for non-compliance
- The aim of DAC-7 is to share information on EU trade happening on digital platforms
- The directive applies to non-EU platforms offering relevant services in the EU
- UK businesses should have already considered their reporting obligations, but there is still time to take action
- Reporting is required for activities such as rental of property, personal services, sale of goods, and rental of transport in the EU
- Non-EU businesses can choose any EU member state to register with and submit their annual return to
- Detailed information on sellers, including their names, addresses, tax identification numbers, VAT registration numbers, and sales values, needs to be collected and reported to EU tax authorities.
Source: centurionvat.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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