- VAT Compliance and Fraud Prevention: Amazon supports reforms to the UK’s VAT Deemed Reseller rules, advocating for mandatory VAT collection on all sales, regardless of seller location, to create a level playing field and reduce VAT fraud, which currently allows bad actors to exploit regulatory gaps.
- Significant Contributions: Since 2021, Amazon has collected over £6 billion in VAT for the UK Government and estimates that up to £3.2 billion in sales are made by fraudulent sellers on online marketplaces annually. Amazon emphasizes the need for immediate changes to strengthen VAT collection and protect legitimate businesses.
- Investment in the UK: Amazon plans to invest £40 billion in the UK over the next three years, creating thousands of jobs and new facilities. The company collaborates closely with HMRC to enhance compliance measures and is committed to leveraging technology and analytics to combat VAT fraud effectively.
Source Amazon
Latest Posts in "United Kingdom"
- FTT: Yourway Transport Entitled to Recover Import VAT on EU Drug Deliveries, Not UK or Non-EU
- Court of Appeal Confirms FTT’s Supervisory Jurisdiction Over HMRC Discretion in Input Tax Cases
- FTT Upholds HMRC’s Best Judgment VAT Assessments Against Complete Electrical Services (NW) Ltd
- HMRC Updates List of VAT-Exempt Investment Gold Coins in VAT Notice 701/21A
- VAT Registration Reference Now Required for Business Tax Account Enrollment to Prevent Fraud
