Standardised XML format for exchange of tax information from marketplaces and platforms to the tax authorities – coordinated with EU DAC 7 2023 obligations
The Organisation for Economic Cooperation and Development has issued its model rules for reporting by digital platform operators – and standard XML schema to efficient and consistent data requests.
This covers reporting on income earned by third-parties on the platforms from the gig and sharing economies – rental of accommodation and provision of personal services – plus the sale of goods and rental of means of transport.
The OECD has performed extensive work on VAT issues for the gig and sharing economies.
Coordinated with EU platform economy VAT reviews
It aligned to the EU DAC 7 similar requirements which come into effect from 2023 transactions, with first reporting due in 2024. The EU is also looking more widely as the role of platform economy and VAT alongside its VAT in the Digital Age review.