The OECD (Model Rules) and the EU (DAC7) relate to 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.
If you do business in the EU, you will need to have your policies, procedures and controls in place by the end of 2022, and those with UK only services by the end of 2023. That might seem like some time away, but operationalising some of the elements and formalising your processes and procedures can sometimes be a lengthy process.
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