As of January 1, 2023, the European DAC7 regulation applies. This requires digital platforms like SnappCar to collect, verify and report information about users who earn income through the platform to the tax authorities.
For SnappCar, this means we must report data from car owners who earn income by renting out their vehicles.
Why is this happening?
The DAC7 rules aim to prevent tax evasion and increase transparency. They help tax authorities gain insight into income earned via digital platforms.
What do you need to do?
As a car owner, you don’t need to submit anything extra to SnappCar, just make sure your profile is complete and your information is accurate and up to date, including:
Personal details (such as name, address, date of birth)
Verification via Stripe
IBAN for payouts
Questions about paying tax on your earnings? Contact your local tax authority or consult a tax advisor. They can give you the best advice for your personal situation. You can read more about DAC7 on our blog.