The FAQs on the DAC7 Reporting Requirements Draft were released by the Lithuanian Tax Agency (Valstybinė mokesčių inspekcija) to clarify which platforms must disclose the income, fees, or commissions that platform sellers receive, as well as how much information they must provide. The rules will come into effect on 1 January 2023.
DAC7 Reporting Requirements:
- As of 1 January 2023, digital platform owners will have to submit information on an annual basis
- Laws and regulations that apply
- The mandate that qualifying operators register within five working days of commencing business or within five working days of 1 January 2023
- The process of registering structural unit data
- 31 January 2024 will be the first reporting deadline
- The need for business owners classified as reportable sellers to submit information by 31 January for the prior calendar year
- Preparation and Submission Guidelines (XML Schema format)
- Fines imposed for noncompliance and
- The process for editing and clarifying previously submitted information.
Disclaimer: Reproduced/Adapted with permission from Global VAT Compliance.