Simplifying compliance for businesses operating in the EU
In the ever-evolving regulatory landscape, TaxBit positions itself at the forefront, empowering businesses to navigate the intricacies of taxation with trust, accuracy, and compliance. Today TaxBit is announcing our expansion of our tax offerings to include a DAC7 Compliance Solution. Our DAC7 Compliance Solution, establishes a seamless data collection workflow for new and existing customers, streamlining the collection, storage, remediation of issues, and information verification, then generating the end-of-year report to EU member states.
Aligned with the DAC7 regulatory framework, which mandates reporting from January 1 to December 31, TaxBit’s DAC7 compliance solution is tailored to address reporting obligations due by January 31 of the subsequent year. With the initial requirement centered on 2023 data collection and the next generation of the 2024 report, this regulatory framework applies to all digital platforms with sellers in the EU, making TaxBit’s DAC7 solution a timely compliance enabler.
Key Features
Effortless Onboarding: Seamlessly collect Personal Identifiable Information (PII) within your app or service by embedding TaxBit’s tool, automatically verifying information against EU databases for accurate user data. Securely store, review, and audit PII and tax documentation.
DAC7 Reporting: Power the annual DAC7 XML Report generation to EU Member States, with end-user recipient copies accessible through the TaxBit Dashboard and API endpoints, offering a streamlined and comprehensive solution for reporting compliance.
TaxBit Dashboard: Establish a secure central hub for managing essential tax, accounting, and compliance procedures, providing a dedicated space for storing and organizing customer data and related DAC7 tax documentation.
“As the digital economy continues to evolve, TaxBit remains committed to simplifying the complexities of tax compliance for businesses globally,” says Erin Fennimore, Vice President of Tax Solutions at TaxBit. “The TaxBit DAC7 Compliance Solution is a testament to our dedication to providing digital marketplaces with a solution that fosters trust, accuracy, and compliance in an ever-changing regulatory landscape.”
