UK Losing Nearly $2B In Uncollected Taxes On Online Sales

Law360, New York (April 20, 2017, 8:06 PM EDT) -- The U.K. is losing out on as much as £1.5 billion ($1.92) from overseas retailers failing to charge value-added tax on online sales to British consumers, according to a report released on Wednesday by the U.K.’s National Audit Office.

With online sales accounting for some 14.5 percent of U.K. retail sales in 2016 and online-only retailers accounting for about half that share, some online vendors located outside of the European Union are failing to charge the required VAT on the final sale price, resulting in a...
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