A set of guidelines (EU DAC7) that took effect in the European Union (EU) in 2023 addressing the tax transparency of digital platforms brings new compliance obligations to U.S. digital platform operators that facilitate transactions with EU-based sellers or real estate. This is especially the case for U.S. companies that may already be known to EU taxing authorities as a result of Value Added Tax (VAT) compliance obligations. Failure to comply with EU DAC7 could result in significant penalties.

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