DAC7 - EU guidelines
DAC7 at VWE Automotive: What you need to know
What is DAC7?
DAC7 stands for 'Directive on Administrative Cooperation 7,' a new European directive that is significant for our operations at VWE Automotive. This directive requires us, as your automotive service platform, to collect and share specific information with the Tax Authorities. This information includes transaction data and details about our partners and customers. European authorities then exchange this data to prevent tax fraud and enhance transparency.
Why DAC7?
The growth of digital services has resulted in reduced visibility for governments regarding financial transactions within this sector. DAC7 helps address this by providing more insight into the revenues and activities of businesses operating through digital platforms, such as VWE Automotive. This ensures a level playing field where everyone contributes their fair share of taxes.
Who does this regulation apply to?
DAC7 applies to all partners and customers of VWE Automotive involved in transactions that meet certain criteria. This can range from a minimum number of transactions to a specific revenue threshold. Specific details about these criteria and any exceptions can be found at the bottom of this page.
What if you don't provide your information on time?
If your data is still incomplete 60 days after our initial email, we will be compelled to defer your payments until all the necessary information is provided. Therefore, we kindly but urgently request you to update your information as soon as possible.
What changes for new partners?
For new partners of VWE Automotive, filling out DAC7-related information is now a mandatory part of the registration process. This ensures that we have all the necessary data to comply with the directive. Existing partners will be notified if additional information is required.
Action required on your part
While we track your transaction data, we need your assistance in completing your business information. The required data may vary depending on your legal form, so please ensure that your details are up-to-date.
Why this information is important for you
This information helps us and the authorities ensure the integrity of financial transactions within the automotive sector. It ensures a transparent and fair market for all participants.
Data for DAC7
