HM Treasury first floated the idea of an ‘online sales tax’ (OST) in 2020 to potentially fund business rates reforms for retailers, and has now requested feedback on what an OST might look like in practice. The practicalities of implementation and ongoing compliance should not be underestimated. A ‘one size fits all’ approach is not appropriate. Any compliance solution to manage OST requirements would need to be tech-focused and agile. Those raising concerns over the introduction of a new fiscal tool are not making a fuss about nothing.
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HM Treasury first floated the idea of an ‘online sales tax’ (OST) in 2020 to potentially fund business rates reforms for retailers, and has now requested feedback on what an OST might look like in practice. The practicalities of implementation and ongoing compliance should not be underestimated. A ‘one size fits all’ approach is not appropriate. Any compliance solution to manage OST requirements would need to be tech-focused and agile. Those raising concerns over the introduction of a new fiscal tool are not making a fuss about nothing.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
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