Platforms could face £10m bill from tax changes branded as 'horrible as FATCA'

Platforms could be hit with a £10m bill in order to make sure they comply with new EU tax rules, the Tax Incentivised Savings Association (Tisa) has warned.

Tisa technical director Jeffrey Mushens said the incoming EU VAT law, which goes live in January 2015 and is aimed at online businesses, could impact platforms if they are drawn into scope by the legislation. The new law aims to close tax loopholes exploited by telecommunications firms. But fears platforms could be included under this legislation have led Tisa to canvass its members and ask HM Revenue and Customs (HMRC) to lobby on its behalf. It will meet with HMRC later this month to discuss the issue. The potential impact has been likened to the US’ Foreign Account Tax Compli...