Why Bookinno is Requesting Your Business Information
At Bookinno, we are committed to providing a reliable and compliant platform for all our hosts and guests. To ensure we meet our legal obligations and maintain a transparent marketplace, we are now requesting additional business information from our hosts.
This page explains why we need this information, how it's used, and the benefits of providing accurate details.
1. Our Commitment to Transparency and Legal Compliance
As a global online platform, Bookinno operates in an increasingly regulated environment. Governments and tax authorities worldwide are introducing new rules to ensure fairness and transparency in the digital economy. These regulations aim to help individuals and businesses understand their tax obligations when earning income through platforms like ours.
The primary driver for collecting this business information is Directive 2021/514/EU (known as DAC7), a European Union (EU) tax transparency initiative. Even though Bookinno is based in the US, DAC7 extends its reach to non-EU platforms that facilitate activities for sellers located in, or with properties in, the EU.
What DAC7 means for Bookinno:
Reporting Obligation: We are legally required to collect specific information about our hosts (sellers) who are residents of an EU Member State, or who offer immovable property located in an EU Member State.
Information Exchange: This collected information is reported to the tax authority of an EU Member State (Bookinno reports to Irish Revenue). That tax authority then automatically exchanges the data with the tax authorities of other relevant EU Member States (e.g., your country of residence, or the country where your property is located).
Ensuring Fair Taxation: This process helps tax authorities identify and ensure that income earned through digital platforms is properly declared and taxed according to local laws.
2. What Information We Are Requesting:
Depending on whether you operate as an individual or a registered business, and where you are located or have properties, we may ask for details such as:
Your Legal Status: Whether you operate as an individual (e.g., sole proprietor) or a registered company/entity.
Full Legal Name / Business Name: The official name under which you operate.
Primary Address: Your main residential or registered business address.
Tax Identification Number (TIN): Your unique tax identification number issued by your country's tax authority.
VAT Identification Number (if applicable): If your business is registered for VAT.
Date of Birth: For individual sellers.
Business Registration Number: For registered companies, this is the unique identifier issued by your government's business registry.
Bank Account Information: Details of the account where you receive payouts.
Property Information (for rentals): The full address of each property listed on Bookinno, and potentially its land registration number.
3. Why We Need This Specific Information:
Each piece of information serves a vital purpose:
Legal Identity: To accurately identify you or your business as the income recipient.
Taxpayer Identification: Your Tax Identification Number (TIN) is essential for tax authorities to link the reported income to the correct taxpayer.
Compliance Verification: Business registration numbers and VAT IDs help us verify your official status and ensure we meet regulatory requirements, including those related to the EU's Digital Services Act (DSA), which may require platforms to distinguish between "traders" (businesses) and "non-traders" (individuals).
Accurate Reporting: To ensure the gross amounts earned through Bookinno are correctly attributed and reported as required by tax laws.
Preventing Fraud: Collecting accurate and verifiable information helps us maintain a secure and trustworthy marketplace for everyone by deterring fraudulent activities.
4. How Your Information is Protected:
Bookinno takes the security and privacy of your data very seriously.
We use industry-standard security measures to protect your information.
Your data is transmitted securely and stored in compliance with applicable data protection regulations, including GDPR for our EU-related operations.
We only share information with tax authorities as legally required by DAC7 and other relevant regulations.
5. Benefits of Providing Accurate Information:
Providing accurate and complete business information helps you and the Bookinno community in several ways:
Uninterrupted Payouts: Ensuring your information is up-to-date helps prevent any potential delays or freezes in your payouts, which can occur if required tax details are missing.
Full Compliance: By providing the necessary data, you help Bookinno meet its legal obligations, ensuring the continued operation of our platform for all users.
Transparency and Trust: A transparent platform fosters greater trust among guests and hosts, knowing that they are operating within a legitimate and regulated environment.
Future Features: Accurate categorization of hosts (individual vs. business) may enable us to offer more tailored tools, services, or support in the future that are specific to your needs.
What Happens if Information is Not Provided?
Please be aware that if we are unable to collect and verify the legally required business and tax information, Bookinno may be obligated to take action, including:
Withholding payouts until the required information is provided.
Restricting your ability to list new properties or accept bookings.
In some cases, suspending your account as a last resort to remain compliant with our legal obligations.
We understand that providing this level of detail may seem extensive, but it is essential for us to comply with global tax transparency initiatives like DAC7 and maintain a fair and secure platform for everyone.
Thank you for your understanding and cooperation.
The Bookinno Team
