New value-added tax rules for online retailers will bring in an additional 300 million pounds ($411 million), a senior U.K. tax official told lawmakers.
The new rules will mean the U.K. can “tighten up on the payment of the VAT by online marketplaces, for example like eBay and Amazon,” said Jim Harra, chief executive of Her Majesty’s Revenue and Customs, giving evidence Thursday to Parliament’s Public Accounts Committee.
- Harra’s statement was in response to a question from lawmakers about the cost of the government decision to bring in new compliance measures linked to these rules in a phased approach. ...
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