Czech Republic enacted Law No. 373/2022, which amends Act No. 164/2013 Coll., on International Cooperation in Tax Administration for the new rules on the process of the exchange of information in terms of the income generated by sellers via digital platforms (DAC7).
This initiative impacts:
- Establishing one form of reporting requirements on the specifications for platform operators, along with obligations for registration and sanctions for noncompliance.
- Defining platforms and characterize platform operators and resellers
- Providing tips to EU member states conducting joint tax audits
- Requiring the tax administrators to maintain cyber security and protect personal data
- Adding provisions that provide international support for the implementation of financial sanctions connected to tax claims and
- Institute provisions on control purchases by amending the Financial Administration Act.
The new requirements are applied from 1 January 2023 onwards.
Disclaimer: Reproduced/Adapted with permission from Global VAT Compliance.
