OECD updates FAQs on its Model Reporting Rules for Digital Platforms (eg. DAC7)
The OECD updated its FAQs on its Model Reporting Rules for Digital Platforms (MRDP). These reporting guidelines provide the foundation to various tax data sharing regulations around the world, including the EU’s DAC7, Australia’s SERR and similar measures from the UK, Canada, and New Zealand.
The updated FAQs provide more clarity on a number of topics that have been widely discussed amongst digital platforms in scope of the new data sharing regulations. Some notable updates include:
- TIN validation requirements
- The "Platform on Platform" conundrum
- Whether pre-recorded digital content is in scope
- The platform definition
- When consideration is reasonably knowable
- Whether the provision of e-commerce software services is in scope
- Treatment of vouchers and barter transactions
- The currency of monetary thresholds
Meet our Data Sharing experts
Would you like to chat about digital platform reporting requirements?
Meet our in-house DAC7 and global data sharing experts, Alexander Kobakhidze, and Attila Felfoldi, at the DAC7-focused conference organised by the University of Amsterdam on 7 November 2023. Click here for more information about the event and for registration.
How can Fonoa help?
In less than three months, the first DAC7 data reports will have to be submitted across the EU. Platforms will not only have to start collecting all required data points from new sellers but will also need to collect and validate data of their pre-existing sellers.
With our tax number validator, you can validate tax IDs from 100+ countries in bulk and individually and return necessary information from local databases like company name and address.
Regarding DAC7 submissions, our Data Sharing product will guide tax professionals towards compliance and automate technical complexities so you can save time while owning and controlling the end-to-end process.
Put your time and energy back into your business, not tax compliance!
Get in touch to automate these Data Sharing and DAC7 compliance processes.
Read more with our Essential Guide to DAC7 and listen to our webinars on DAC7 and Tax ID Validation.
