UK: HMRC released a consultation draft regarding Digital Platforms reporting
A recent public consultation has been released regarding UK’s reporting rules for digital platforms. The consultation sought opinions regarding proposed rules to put the Model Reporting Rules for Digital Platforms of the Organization for Economic Co-operation and Development (OECD) into effect.
The digital marketplaces will provide HMRC with information regarding their financial data, specifically the earnings of their sellers. Thus, to enforce the restrictions, a new set of sanctions was also suggested during the consultation.
The following sanctions will be imposed:
- Maximum fine of GBP 5,000 and a supplementary fine of GBP 600 per day if annual filing is late
- GBP 5,000 for failing to maintain sufficient records
- GBP 100 per seller for each breach of the due diligence requirements
The summary of 28 written responses received by HMRC was published on 20 July 2022. Moreover, the restrictions outlined in the proposed regulations will be finalized at the end of this year or early in 2023 and will take effect on 1 January 2024.
Source: gov.uk
