Latvia: Approval of regulation for digital platform financial info exchange under EU’s DAC7 Directive
The Latvian Ministry of Finance has announced the approval of Draft Regulation No. 97, which implements EU Directive 2021/514 (DAC7) on the mandatory automatic exchange of financial information for digital platform operators. The new regulation includes several measures such as defining relevant terms, establishing due diligence procedures for identifying reportable sellers, and specifying the reporting deadline.
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Additionally, the regulation provides special rules for determining a seller’s country of tax residence, procedures for exchanging information with participating countries, and guidelines for choosing an EU member country to register a reporting digital platform operator. Notably, the regulation also includes an “excluded seller” category for those whose sales and compensation do not exceed 30 sales and 2,000 euros in the reporting period.
Source: fm.gov.lv
