UK - VAT Fraud Signatories
HMRC has published an update of the list of signatories to the VAT compliance cooperation agreement which is aimed at curtailing abuse by sellers on their platforms. The new online marketplaces to do so are three of the biggest players - ASOS, Etsy and Wolf & Badger.
The overriding aim of the HMRC agreement document is online marketplaces exchanging certain information about their sellers in the interests of promoting VAT compliance. Commitments made under the agreement are voluntary and do not create binding legal obligations. The announcement of the three marketplaces follows the stated HMRC intention to publish a list of all signatories. The full text of the agreement can be viewed here.
Should you require any VAT assistance in the UK, or require any international VAT assistance, please contact us.