In its consultation document, the UK Treasury said the tax was being considered as a way of raising “revenue from the increasing volume of online retail in the UK, with that revenue used to fund a reduction in business rates for retail properties.” It added: “It is worth noting that an OST levied at 1% or 2% would not raise sufficient revenue to replace in full the business rates lived on retailers”. A tax of 1% would rase about £1bn, the document says, while business rates are reported to raise about £25bn a year.
Source: internetretailing.net
Latest Posts in "United Kingdom"
- Fiscal Solutions – Great News – The United Kingdom is now part of our Fiscal Portal!
- Post-Brexit VAT: Why the EU Accepts Imperfect Export Proof but the UK Demands Perfection
- VAT Input Tax Denial Under Kittel Principle – Appeals Allowed Against HMRC
- SK Metals Ltd v HMRC: VAT Input Tax Deductibility and MTIC Fraud Knowledge
- UK Chancellor Considers VAT Rate Adjustments and Threshold Changes in Upcoming Budget
