UK:
Government Consults On OECD Model Reporting Rules For Digital Platforms
To print this article, all you need is to be registered or login on Mondaq.com.
HMRC is consulting on implementation of the OECD Model Reporting
Rules, which require digital platforms to report details of the
income of sellers on their platform to the tax authority and to the
sellers.
From January 2023, these rules will require platforms to report
information about the income of sellers on their platforms
providing goods and services. HMRC says that this is to help
sellers get their tax right and to enable HMRC to detect and tackle
non-compliance.
The consultation sets out the details of the rules, and seeks
views on the Government's implementation, including on optional
elements of the rules. The Government says that it welcomes input
from a wide range of stakeholders to ensure the rules are
implemented proportionately and effectively. The consultation
closes on 22 October 2021. To access the consultation, click
here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Tax from UK
Tax – A Shake-Up Looms
Herbert Smith Freehills
Few developments in the tax world have an impact on a truly global scale, but the so-called 'Pillar Two' rules – essentially a global minimum corporate tax – is one of them.
Tax Relief On Debt For Companies
Lubbock Fine
When financing your business operations through borrowing, one of the main considerations will be whether the interest cost is deductible, and to what extent if it is. In the UK...
UK Tax Round Up
Proskauer Rose LLP
Welcome to March's edition of our UK Tax Round Up. This month has seen a number of interesting cases covering a range of issues, from the deductibility of costs against employment income...
Foreign Capital Loss Election For Non-Doms
Lubbock Fine
The complex rules for capital gains tax relief for non-domiciled individuals (non-doms) aren't new, although significant proposed changes have been announced to the non-dom regime in the March 2024 Budget...