The Brazilian government announced Monday that it plans to crack down on Asian e-commerce giants, as part of a broader tax reform.The country s Finance Minister Fernando Haddad said the crackdown is aimed at addressing complaints from local retailers about unfair competition from global players, including Shein, AliExpress and Shopee, Reuters reported.The measure, aimed at combating certain global players that hide their e-commerce as person-to-person remittances to avoid paying taxes, could generate up to 8 billion reais ($1.5 billion) in new revenue for the government.Brazilian retailers have long been concerned about the local presence of these companies, as they are flooded with Chinese sellers who sell low-priced and competitive goods to Brazilian consumers.In 2022, the Retail Development Association (IDV), which represents 75 local retailers, has organized a campaign that could result in a series of actions against online marketplaces that, in their opinion, sell counterfeit prod
Mercadolibre (MELI) stock shot up over 6% in Thursday’s extended session after the company posted stronger than expected Q4 profits.The Latin American e-commerce leader posted $3.25.