To bolster the necessity to shop locally, the EU has decided to take action while seeking to limit competition and minimize possible fraud and tax evasion situations. As of July 1, any goods or remittances being shipped from outside the EU will now face taxes of 23% regardless of their value. But what implications will this have for you and your business? What hurdles will Ireland and Portugal face moving forward?

In light of these new rules, the Chair of the IPBN Board Aoife Healy teamed up with Pedro Teixeira, IPBN Board Member and Senior Partner at Taxlibris, Lda. to get more information on what this will mean for our online shopping habits, our business strategies, and our wallets.

The recent explosion in online shopping due to lockdown measures among other more practical time constraints has seen a spike in revenue for overseas suppliers on sites like Amazon and eBay, which has meant a loss in tax revenues for many EU countries.

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