Singapore might tax US$37.7bn online shopping boom - News Summed Up

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Singapore might tax US$37.7bn online shopping boom

BloombergSingapore might introduce an e-commerce tax in next week’s budget, setting the tone for a region that is grappling with online retail’s assault on brick-and-mortar vendors. Eight of the 12 economists in a Bloomberg survey said the budget, to be released on Monday next week, would contain a new tax on online vendors, with another betting that cross-border digital transactions would be included in the goods-and-services tax regime. BMI Research projected that Southeast Asia’s six biggest economies would boost e-commerce to US$64.8 billion in 2021 from US$37.7 billion last year. An e-commerce tax would ease “the competition for offline retailers that have been struggling amid the rising popularity of online shopping,” BMI Research consumer analyst Nainika Singh said by e-mail. Rajah said in a radio interview last week that the government was still studying the e-commerce tax and it is certainly something they would like to implement.

Source: Taipei Times February 12, 2018 15:56 UTC