Following a consultation on the implementation of the Organisation for Economic Co-operation and Development’s Model Reporting Rules for Digital Platforms, the government decided the new rules will start from 1 January 2024 in the UK. ICAEW’s Tax Faculty welcomes this one-year delay, as it will give platforms and their advisers more time to prepare for implementation.
The collection of information by digital platforms will start from January 2024. The deadline for submitting the first reports will be the end of January 2025.
HMRC plans to publish the government’s response to the consultation and draft regulations giving details of the new rules at the next Legislation Day in the summer.
Read ICAEW’s response to the consultation: ICAEW REP 103/21 Reporting rules for digital platforms
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