How online retailers can prepare for higher taxes
Governments have borrowed billions to tackle Covid, so they’ll target sectors that have thrived during the pandemic to help restore their finances. This puts ecommerce firmly in the crosshairs
May 29, 2021
Ruth Emery
President Biden’s proposed corporate tax reform has sent ripples through the business world and could have a particularly serious impact on ecommerce.
From Joe Biden’s war on profit-shifting to the UK’s proposed 2% online sales levy, tax hikes seem unavoidable for even the biggest players in ecommerce.
The levy is designed to level the playing field for physical retailers, which have suffered disproportionately during the pandemic, while recovering some of the hundreds of billions spent by the government on tackling the crisis. More details about it were expected in March’s budget, but an announcement has been delayed until the autumn.