This topic delves into the new EU tax law, DAC7, which mandates the reporting of earnings for EU tax residents. Here are some key points discussed:
- Reporting Requirement: DAC7 requires platforms to report earnings of EU residents. If you don't provide the necessary information, platforms may report your earnings based on existing data and withhold payouts until compliance.
- Payment Withholding: Platforms like CamContacts may hold payments if the required information isn't supplied, even though they may still report earnings without it.
- Earnings Threshold: There is a threshold of €2000 per year for reporting. Some confusion exists about different thresholds and tax percentages across various countries.
- Tax Implications: The percentage of income tax and VAT varies by country. It's suggested to consult a local tax advisor for specific guidance.
- Privacy Concerns: Some members are concerned about privacy and the public nature of their earnings being reported.
- Legal and Organizational Advice: It’s recommended to consult with tax advisors and possibly register as a business depending on the earnings and country-specific tax regulations.
Members share their experiences and strategies to navigate these new regulations, emphasizing the importance of being informed and compliant to avoid any legal issues.