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| UK To Retain 'Uncompetitive' VAT Rate On E-books |
by Jason Gorringe, Tax-News.com, London
Tuesday, December 27, 2011
The UK Treasury has confirmed that it will not follow its European peers in slashing the value-added tax rate it places on electronic books sold on the Internet, commonly known as e-books, following recent decisions by the governments of France and Luxembourg, which may establish them
as domiciles of choice for Internet e-book retailers in Europe.
Luxembourg has recently announced that it will cut the value-added tax rate
applicable to e-books to 3%, from 15%, in line with the rate that is applicable
to hard copies. Presently, the rate is based on the seller's country of origin, rather
than the location of the buyer, meaning that the UK government is set to lose
out on tax as the disparity widens between the tax rate applied to tangible
book sales in UK bookstores and their Internet counterparts based in other nations.
These rules however are set to change from 2015, with the value-added tax rate to be that
applicable in the buyers' country of origin. Despite the two-year transitional period, the UK government has
confirmed that the rate applied to e-book sales will remain as the standard value-added tax rate, currently 20%, stating its belief that - despite the decisions from the French and
Luxembourg governments - European law does not permit such a concessionary
rate.
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