The Platform Operators (Due Diligence and Reporting Requirements) Regulations 2023 

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.