LONDON: Britain is losing up to 1 billion pounds ($1.28 billion) a year in value added tax (VAT) because of fraud or error by sellers using online marketplaces eBay and Amazon, a report by the government auditor said.The National Audit Office (NAO) said that the sellers involved are often based in China and that consumer regulator Trading Standards had found that US companies Amazon and eBay had failed to remove sellers that were flouting VAT rules, even after being informed of the sellers’ non-compliance.
Source: UK lost up to £1bn from VAT evasion by foreign online retailers | Arab News
