MRDP/DAC7 - Overview

Taxbit currently supports MRDP/DAC7 Reporting in the following jurisdictions.

EU (DAC7)
- Ireland
- Hungary
- Cyprus
- Romania
- Czech Republic
- Slovakia
Canada (CA)
United Kingdom (GB)
New Zealand (NZ)
Netherlands (NL) – Coming Soon

See below for the specific thresholds related to the jurisdictions above –

Income Type	Reporting Jurisdiction	Threshold
Services	All of the above	1 or more quarters with a non-zero value
Goods	EU and United Kingdom	One of the following must be true: 30 or more transactions, OR Value must exceed 2,000 EUR during the year
	Canada	One of the following must be true: 30 or more transactions, OR Value must exceed 2,800 CAD during the year
	New Zealand	Goods are not reportable

Deadlines

See below for all of the deadlines relevant for MRDP/DAC7 reporting.

January 31st
- Recipient copies must be issued to recipients in the EU, Canada, and the United Kingdom
- XMLs must be filed with the EU, Canada, and the United Kingdom
February 7th
- Recipient copies must be issued to recipients in New Zealand
- XMLs must be filed with New Zealand

Resources

For more information related to MRDP/DAC7 Reporting, see below –

Data Requirements

See below for all of the required data elements for completing MRDP/DAC7 reporting.

Filing Entity

The legal entity responsible for the issuing forms will be the filing entity. The information listed below must be submitted through the Taxbit Dashboard.

For more information on Filer setup, please refer to this guide: Filer Setup

Field Name	Required
Name	Required
Address	Required
Tax Residency	Required
TIN	Generally required (See Note)
VAT & VAT Country	Only required for Romania, Czech Republic, Slovakia (See Note)
Contact Name	Required
Contact Phone Number	Required
Contact Email Address	Only required for Canada reporting
CRA Account Number	Only required for Canada reporting
Transmitter Rep ID	Only required if a third party is completing the submission in Canada

Please note: If there are multiple filers, please ensure that you are using the correct filer ID for the associated account(s).

Note that the above table is largely based on the schema released by the OECD, as well as any local guidance released by certain jurisdictions. Due to the infancy of this information reporting regime, local guidance is not always available or up-to-date. For example, the TIN field is typically a required field, though there are instances where a jurisdiction instead requests a VAT number be provided for the filing entity.

Account Owner / Account

For ingestion purposes, the only data point required to create/update an Account Owner is the Account ID. This allows you to add all of your users to the Dashboard, even while you may still be collecting additional information. There will be reports available in the Dashboard to let you know if something is missing for an Account that is eligible for a tax form.

For more information on formatting the Account Owner/Account CSV templates, please refer to this guide: Global Account Owner/Account CSV Ingesiton Template Guide

The following table, however, summarizes the required fields needed to complete payment reporting specifically (i.e., to generate a form for MRDP/DAC7).

Field Name	Required
Account Owner ID	Only required if you have Account Owners with multiple Accounts
Account ID	Required
Name	Required
Address	Required
Date of Birth	Only required for individuals
Place of Birth (City & Country)	Only required for individuals resident in the EU, if TIN is unavailable
Tax Residency	Required
TIN	Generally required (See Note)
VAT & VAT Country	If Available
Business Registration Number & Country	If Available, for entities only
Financial Account Name & Identifier	Only required for Australia SERR reporting If Available for all other jurisdictions
Filer ID	Only required if you have multiple Filers

Notes:

Certain jurisdictions have additional validation at submission, specifically around the format and shape of the TIN for an Account Owner.

There are other fields on the Account Owner / Account model that are not listed here, as they are not required for MRDP reporting.

Transactions

For account activity, we can either collect raw transaction data, in which case Taxbit will complete the aggregations and determine the ultimate data to report for MRDP

Only the Income transaction types are relevant, however, these transactions will also require the transaction subtype indicating the type of income (e.g., Payment-Goods, Payment-Services, etc.).

Field Name	Required
Account ID	Required
Transaction ID	Required
Date and Time	Required
Transaction Type & Subtype	Required: Income See here for all available transaction subtypes
Received Asset Quantity and Currency	Required
Transaction Value	Required
Value Currency	Required
Fee Asset Quantity and Currency	If Applicable
Withholding Asset Quantity and Currency	If Applicable