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ARTICLE · 17 JANUARY 2023

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Digital Platforms: New Reporting Obligations Under DAC 7

Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

Elias Neocleous & Co LLC

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The characteristics of the digital platform economy have proven to be quite challenging when it comes to the traceability and detection of taxable events (eg, tax fraud, tax evasion and tax avoidance) by tax authorities.

CyprusTax
Adonis Zachariou
Adonis Zachariou
Theodora Alexandrou
Theodora Alexandrou
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Introduction

The characteristics of the digital platform economy have proven to be quite challenging when it comes to the traceability and detection of taxable events (eg, tax fraud, tax evasion and tax avoidance) by tax authorities. On 22 March 2021, to extend the EU tax transparency rules to digital platforms, the Council of the European Union adopted EU Directive 2021/514, also known as "DAC7". DAC7 amends EU Directive 2011/16 on administrative cooperation in the field of taxation.

DAC7 imposes a new obligation on digital platform operators with presence in an EU member state (MS) to collect and report information regarding revenues generated by reportable sellers undertaking a relevant activity via their platforms. Subsequently, the MS must automatically exchange this information with other MSs.

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