Global Reporting Standards for Traders of Goods and Services using Trading Platform
Trading platforms will be required from 1 January 2024 to keeping records of those selling goods or services and report details to the tax authorities.
The Finance Act(2) 2023 empowers the Treasury to issue directives for enforcement.
The Platform Operators [Due Diligence and Reporting Requirements ] Regulations 2023 have now been enacted.
The scheme encompasses OECD rules. Twenty-eight countries have signed the multilateral convention, including the UK and 19 EU/EEA members.
France and Germany have not signed up to the scheme as yet.
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