UK: Consideration of OECD model reporting rules for digital platforms
The United Kingdom House of Commons has approved Statutory Instrument No. 817/2023 for consideration, aimed at implementing OECD model reporting rules for digital platform operators and sellers.
The instrument comprises several key measures, including the definition of relevant terms, due diligence procedures for active sellers, recordkeeping requirements, an information reporting deadline for reporting platform operators (set on January 31 following the end of the reportable period), specifications on reportable seller information to be included in reporting, penalties for noncompliance, and procedures for appealing penalties.
The instrument is scheduled to come into effect on January 1, 2024.
Source: legislation.gov.uk
