Great Britain: A consultation draft regarding the reporting of Digital Platforms has been released by HMRC:

The UK's reporting rules for digital platforms have been the subject of a recent public consultation. OECD Model Reporting Rules for Digital Platforms (MDRDP) were proposed for consultation. Opinions were sought regarding the proposed rules.

HMRC will receive financial data regarding digital marketplace sellers, specifically their earnings. During the consultation, a new set of sanctions was also proposed to enforce the restrictions.

The following sanctions will be imposed:

If the annual filing is late, a maximum fine of GBP 5,000 can be imposed plus a supplementary fine of GBP 600 each day

If insufficient records are not maintained, GBP 5,000 will be fined

Every breach of due diligence by a seller will result in a fine of GBP 100. 

In July 2022, HMRC published a summary of 28 written responses. In addition, the regulations outlined in the proposed regulations will take effect on 1 January 2024 after they are finalized at the end of this year or early in 2023.

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