What is DAC7 and how does it affect me? 12 February 2024 09:37 Updated What is DAC7? DAC7 is a newly introduced EU and UK law regulating and monitoring tax related activities on online platforms. The platform operators must report relevant activity to the authorities. Therefore, Laced must collect and report extensive (personal) information from reportable sellers including name, primary address, date of birth, tax identification number, fees, commissions, or taxes withheld or charged by the platform during each quarter of the year. Which sellers are affected by DAC7? All sellers on Laced will be required to enter their Tax Identification Number. Once their sales activity exceeds a revenue of more than €2,000 or a sales volume of 30 within one calendar year, Laced must report those activities to the relevant authorities. What data will be reported to the authorities? Laced will report the following data of eligible sellers: Full name, Primary Address, Date of Birth, TIN, (please refer to our help centre article to find your TIN number), VAT number if available, Financial Account Identifier, volume and revenue of sales. We might require additional specific information in case you are trading as an entity. The data will be reported to the relevant authorities in the UK and EU. Countries within the EU have different tax regulations. Therefore, please visit the website of the local authorities for country specific answers regarding DAC7. What happens if I do not fill in the seller information? You will be required to fill in the requested information, due to the new law. Without entering the required information within the stipulated period, you will not be able to create any new listings. Furthermore, your current listings will be paused, and your payouts will be withheld until all required data is filled in correctly.