Bloomberg Tax
Dec. 1, 2020, 2:12 PM

Tax Information-Sharing for Tech Platforms OK’d By EU Ministers

Stephen Gardner
Stephen Gardner
Freelance Correspondent

Tax authorities in the European Union will gain powers to exchange information about transactions via digital platforms under a rule endorsed Tuesday by the bloc’s finance ministers.

The rule, known as DAC7, will apply from the start of 2023. It requires EU countries to enact provisions requiring online platforms to report information on the revenue of sellers operating via their platforms. National tax authorities will then share information so that revenue earned by sellers resident in each EU country are reported to that country’s tax authorities, even if the platform does not have a presence in the country.

The rule ...