The OECD (Model Rules) and the EU (DAC7) have released directives regarding the collection of personal and tax information from companies and self-employed sellers earning income through your platform. This income information will also need to be reported annually back to local tax authorities, such as HMRC in the UK.
As a result, the UK and the EU Member States are drafting guidance on these rules, which we are monitoring closely. If you are in scope, you will have until the end of 2022 to set up your regulatory framework and new procedures – this is where we can help.
We know that different companies will be in different starting positions for these regulations – if you are not sure where to start, or what to do next, then EFI can help. These new regulations for digital platforms are based on those already in existence for financial institutions, and EFI specialises in this area. By working with EFI you can access:
- Vast experience of delivering regulatory expertise to assist firms in achieving a high standard of compliance
- Industry leading technology solutions which collect and validate the data you will require from sellers
- Reporting technology that can produce and validate your annual reports for the tax authorities
- As much or as little of our end-to-end services that you need: from advice, to implementing new technology, to managed services where we can do the work on your behalf