European Union Commission Seeks Comments on Regulation to Assess DAC7 Equivalence of Non-EU National Laws

The European Commission Jan. 20 opened a consultation on a draft regulation to determine the criteria for assessing the extent to which requirements under a non-EU country’s national laws, for platform operator information automatically exchanged with an EU country, under a competent authority agreement (CAA), is equivalent to that required under Annex V of EU Directive 2011/16/EU on administrative cooperation in the field of taxation, as added by EU Directive 2021/514 (DAC7). The draft regulation includes provisions to assess the equivalence of a non-EU country’s national laws with respect to: 1) definitions of reporting platform operator, reportable seller, and relevant ...