Because of Covid-19 we are, according to the Financial Times, facing the worst recession for 300 years, or since the ‘Deep Frost of 1709’. How utterly depressing is that? ‘Winter is coming’ and we better be ready!
E-commerce is fast becoming a dominant sector in terms of growth. Accounting for 12% of total retail sales worldwide and predicted to surge to 17.5% by 2021. Just look at Amazon, which is reaching its 25th Birthday and getting close to being valued at a whopping 1 trillion dollars, overtaking Apple. As more and more companies jump on the e-commerce wagon and with the ease of selling cross-border online, governments are looking to ensure every penny is pocketed. In recent years, cross-border tax fraud has become a concern for authorities, this is due to the rise of e-tailors and the loopholes of the current VAT system.
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