The United Kingdom will reportedly delay a decision on whether it will introduce an online sales tax to level the playing field for online and physical retailers. Chancellor of the treasury Rishi Sunak now plans to wait until autumn before deciding whether to introduce the tax, a top financial daily in the country reported citing government officials.
The proposed tax would see a levy of around 2 per cent added to all goods bought online.The United Kingdom will reportedly delay a decision on whether it will introduce an online sales tax to level the playing field for online and physical retailers. Chancellor of the treasury Rishi Sunak now plans to wait until autumn before deciding whether to introduce the tax, a top financial daily in the country reported citing government officials.#
The chancellor reportedly wants to wait until the United States reveals whether it will support efforts led by Paris-based Organisation for Economic Cooperation and Development (OECD) to reform global digital tax rules.
The online sales tax is a hot topic of debate in the retail sector. While some argue it could give a much-needed boost for struggling physical retailers, others argue it could drive up prices for consumers.
The British Retail Consortium has previously warned a tax on the sale or delivery of online goods “would simply be another burden on an already overtaxed industry”.
Fibre2Fashion News Desk (DS)
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