What is DAC7?
DAC7, short for the 7th version of (or the 6th amendment to) the European Council Directive on Administrative Cooperation and Automatic Exchange of Information in the Field of Taxation, is part of an initiative to improve tax cooperation between European Union countries. It allows EU member states and tax authorities to track the activity of taxpayers on online platforms and simplifies the collection of indirect taxes by local tax administrations by introducing tax transparency rules. The DAC7 directive was approved by the European Commission on March 22, 2021, with the new reporting rules applicable from January 1, 2023.
- Who is affected by the DAC7 rules?
- What are the reportable transactions, and who are the reportable sellers?
- What and when to report?
- How to comply?
- Penalties
- Similar rules across the globe
- Data collection and completeness issues
- Interaction of GDPR and DAC7
- How can Fonoa help?
Source: www.fonoa.com
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