UK Eyeing VAT Rule Changes For Sharing Economy
UK Eyeing VAT Rule Changes For Sharing Economy
by Jason Gorringe, Tax-News.com, London
22 December 2020
The UK Government is inviting input on the tax challenges associated with the rise of the sharing economy.
The sharing economy enables individuals to provide goods or services to other individuals, typically through a digital platform, such as ride-sharing services and temporary accommodation services.
In a new call for evidence on the need for reform of the UK s VAT rules, the Government notes that the sharing economy creates huge opportunities for the UK economy but also potentially creates certain challenges to the VAT tax base.
UK, Mexico Sign Continuity Trade Deal
UK, Mexico Sign Continuity Trade Deal
by Jason Gorringe, Tax-News.com, London
22 December 2020
On December 15, 2020, the UK and Mexico signed a trade continuity agreement that will apply when the Brexit transition period ends.
The TCA will maintain preferential access for trade between Mexico and the UK following the end of the UK s transition period with the EU on December 31, 2020. Both sides aim to bring the TCA into force on January 1, 2021, subject to parliamentary procedures and legislative approvals.
According to a joint statement issued by the UK and Mexico, the TCA will deliver vital coverage for the automotive, pharmaceutical, textiles, agriculture, food and drink, and other manufacturing industries. The statement explained that this will prevent the additional duty burden that would be levied under World Trade Organization most favored nation terms. Tariffs on UK car exports and UK beverage exports will remain at zero perce