OECD: IT-format to support global tax reporting framework for digital platforms
The standardised IT-format will minimize burdens on digital platform operators
The standardised IT-format will minimize burdens on digital platform operators
The Organisation for Economic Cooperation and Development (OECD) today released a standardised IT-format [PDF 2.5 MB] to support the electronic reporting and automatic exchange of information collected under the OECD's Model Rules for Reporting by Platform Operators with respect to Sellers in the Sharing and Gig Economy (July 2020) [PDF 1.3 MB].
Those model rules require digital platforms to report to tax authorities information on income earned by those offering accommodation, transport and personal services, as well as those selling goods, through platforms. The rules are designed to help taxpayers comply with their tax obligations, while providing a “level-playing field with traditional businesses” in key sectors of the sharing and gig economy. Read TaxNewsFlash
As noted in today's OECD release, the standardised IT-format will minimize burdens on digital platform operators, which might otherwise arise were jurisdictions to apply multiple different requirements. In particular, the standardised IT-format was developed in close co-ordination with the European Union, in order to provide that the schema can also be relied upon for the reporting and exchange of information pursuant to the Directive on Administrative Cooperation (DAC7).
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