DAC7 is a regulation introduced by the European Union to enhance tax transparency by requiring digital platforms like Tise to report information about sellers to tax authorities. This does not mean that you have to pay taxes on your income from Tise – we just have to report information on the transactions for transparency with tax authorities.
Tise is obligated to report on all sellers that meet the EU's set limits for reporting:
More than 30 sales transactions within a calendar year, or
Revenue exceeding 2000 euros from sales within the same period.
These criteria ensure transparency and compliance with tax regulations, highlighting significant sales activities on our platform.
For the affected Tisers, Tise must provide a detailed account of your selling activities. This includes:
First and last name
Address
Tax Identification Number (TIN)*
Account number used for payouts
Transaction overview for sold items, including number of transactions and amounts
If you meet any of the criteria and we are missing any of the info, we will reach out to you and let you know that you have to verify your account. If we do not reach out to you, there is nothing for you to do or worry about.
All the information is handled with the utmost respect for your privacy, in strict accordance with GDPR regulations. Should any of this essential data be missing from your profile, Tise will reach out to you to update your details, ensuring uninterrupted service and compliance.
You can find more information on how we process sensitive data in our Privacy Policy.
What happens if I do not provide the needed information?
Choosing not to provide the required information has direct repercussions on your Tise experience. This measure isn't punitive but rather a step towards ensuring all parties adhere to legal and regulatory standards. If we do not obtain the required information, your profile will be restricted and you will not be able to sell on or get payouts from Tise until the information is provided.
Stay Informed, Stay Compliant
Understanding your responsibilities and the operational framework of Tise not only helps you navigate the platform more effectively but also ensures a thriving community where trust and compliance are paramount. We're committed to supporting you through this process, making sure that your focus can remain on what you love: selling and discovering amazing second-hand treasures.