Commons taxed over internet collection
Trading over the internet is a real threat to tax collection - according to the influential House of Commons Trade and Industry Committee.
Trading over the internet is a real threat to tax collection - according to the influential House of Commons Trade and Industry Committee.
MPs warned in a report on the e-envoy and e-minister’s first year: ‘E-commerce poses some risk to tax revenues, for example as a result of the difficulties over collecting VAT on cross-border transactions, but also through avoidance.’
And they claimed: ‘We regard the abolition of betting duty as one of the first fiscal casualties.’
The report said the UK Government has ‘some anxieties over the arrangements for collecting tax from non-EU companies on sales to EU customers’.
And it warned that ‘much needs to be done, in particular to establish how VAT is to be collected from consumers in the EU who purchase goods from outside the EU’.
The MPs said this followed international agreement that these should be levied at the consumer’s place of residence, that digital products are not goods but services for taxation purposes and that payments for downloading are not royalties.
It also claimed that there is now apparent consensus around the UK’s position that web sites are not permanent establishments.
Links
Offshore betting will live on, says bookie
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article