DAC-7

[PanTrace]

What are your thoughts on DAC7 ?
What is the difference to DAC6 ?

Many online platform operators are asked to get those informations from their sellers. (also those non-EU but acting within EU)
Does it also affect their business partners ?

Thanks for clarifying.

Cheers

 

[zzzzzz]

PanTrace said:
What are your thoughts on DAC7 ?
What is the difference to DAC6 ?

Many online platform operators are asked to get those informations from their sellers. (also those non-EU but acting within EU)
Does it also affect their business partners ?

Thanks for clarifying.

Cheers
Click to expand...

DAC7 (digital platforms reporting...) has nothing to do with DAC6 (cross-border tax arrangements).

Every DACx directive reports different things.

 

[PanTrace]

ok got that now.

Does DAC7 also apply if you act as US LLC through an digital platform operator (non-EU headquarter but also actin within EU)

 

[anotherone]

PanTrace said:
What are your thoughts on DAC7 ?
What is the difference to DAC6 ?

Many online platform operators are asked to get those informations from their sellers. (also those non-EU but acting within EU)
Does it also affect their business partners ?

Thanks for clarifying.

Cheers
Click to expand...

Here are my thoughts.
If you live in the European Union, the digital platforms you use as a seller like ebay, amazon, Airbnb and many others will report your annual revenue to the Tax authorities of your residence. This also means that many among you will pay more income taxes. It is a new automated exchange of data. However, i DOn't know if this automated exchange of date works with the USA like FATCA for instance.

This means that individuals must create a company. Use this company to deduct their expenses, transfer yourself money considering the income tax scheme of your country. For instance, if you work from home, you may deduct your food in your company bookkeeping rather than ubying your food.

 

[JohnLocke]

anotherone said:
if you work from home, you may deduct your food in your company bookkeeping rather than ubying your food.
Click to expand...

Sorry, but that just won't fly in most countries. I would like to know in which country it would be possible without having to pay taxes on it or even be considered as mixing private and business funds, which is illegal.

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