On 25 March 2023, Italy published Legislative Decree No. 32/2023 in the Official Gazette for the implementation of EU Council Directive 2021/514 into domestic law on the mandatory automatic exchange of financial account information for digital platform operators (DAC7).
Non-compliance with the obligations may lead to administrative penalties ranging from (i) EUR 3,000 to EUR 31,500 for failure to fulfill reporting obligations, (ii) EUR 1,000 to EUR 10,500 for inaccurate information, and (iii) EUR 10,000 for violation of registration requirements. Digital platform operators must keep records of information for a period of 5 years. These regulations will take effect on 1 January 2023, and the initial reporting deadline is set for 31 January 2024.
