Spain starts the implementation and public consultation process of DAC7.
Timeline
Affected businesses have until 4 December 2023 to submit their comments.
Impact
After a pause in legislation caused by the national election in Spain, the government has started the implementation and consultation process of DAC7 - the EU’s new reporting requirement for Digital Platforms.
- Before ratification of the new laws a public consultation was started on 24 November 2023 calling affected parties to submit their comments and observations regarding the new reporting obligation.
- With DAC7 in place, affected Digital Platforms will need to submit information about their underlying Sellers until 31 January 2024.
This means that Spanish Digital Platforms will have about a month between the ratification and the first compliance deadline imposed by the new rules. This poses a significant challenge as technical processes must be implemented to be able to electronically submit this large data set to the Tax Authority.
How can Fonoa help?
In less than two months, the first DAC7 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 the 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.
