Poland: Proposed Amendments to Financial Information Exchange Laws in Line with EU Directive
The Polish Senate accepted for consideration Bill No. 97, which aims to amend the law on the automatic exchange of information (AEOI) on financial accounts to align with EU Directive 2021/514 (DAC7).
The bill proposes several measures:
- Annual Reporting Requirements: Digital platform operators must collect and report information about sellers who made transactions on their platforms during the previous year by January 31, if they are identified as reportable sellers.
- Excluded Seller Definition: Sellers of goods who made fewer than 30 transactions in the year and earned less than 2,000 euros (US$2,174) in total remuneration, excluding premiums, commissions, and fees, are not required to report annually.
- Data Protection Violations: Reporting financial institutions and platform operators must report data protection violations related to the personal data collected for AEOI.
- Information Transparency: These institutions and operators must provide individuals with information on the collection and processing of their data, as well as their right to obtain information from the data controller.
- Procedural Establishment: The bill outlines procedures for AEOI, reporting, due diligence, and platform operator registration.
Source: gov.pl
