Industry News

Making online marketplaces like Amazon, eBay, and Temu responsible for collecting VAT from the retailers on their platforms is expected to raise up to £1 billion (about $1.33 billion) for the Treasury. The proposal would extend the 2021 VAT rules for overseas sellers on online marketplaces to UK-based sellers, closing compliance loopholes and creating a fairer environment for physical retailers. HMRC says the current reforms have raised over £8 billion and continue to bring in around £1.8 billion a year.