Italy Gazettes Legislative Decree Implementing DAC7 EU Directive on AEOI for Digital Platform Operators

The Italian Official Gazette March 25 published Legislative Decree No. 32, implementing EU Council Directive 2021/514 of March 22, 2021, on the mandatory automatic exchange of financial account information (AEOI) for digital platform operators (DAC7). The decree includes measures: 1) defining key terms; 2) establishing due diligence procedures for identifying reportable sellers; 3) providing special rules for determining a seller’s country of tax residence; 4) clarifying registration procedures and reporting obligations for platform operators; 5) providing verification procedures and penalties for noncompliance; and 6) obligating connecting services to notify the EU commission of the four types of income and capital ...