Day: October 10, 2018

Business News, Financial Information, Market News, Share Market Information, Indian Inventory Market Information

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German Government Makes a Move to Handle Ecommerce Sales Tax Fraud

The end of July, the German government approved a draft law to tackle VAT fraud in online sales. Specifically, to tighten the rules for e-commerce giants like Amazon and eBay. The German government has estimated that it loses up to 500 million euros a year in unpaid sales taxes on goods purchased from sites like Amazon and eBay and online companies outside Germany.

Finance Minister Olaf Scholz shared in a statement, “We are ending the illegal practice of some vendors on online marketplaces who evade the sales tax and unfairly give themselves competitive advantages.”

The price German customers pay for … Read more