United Kingdom Tax authorities find a new way to crack down tax evaders, tracking eBay and Paypal usage
Her Majesty's Revenue and Customs department, the tax authority of United Kingdom has found a unique way of dealing with those British citizens who evade taxes. Tracking the online usage of eBay, Paypal and hotel comparison websites to target those failing to pay tax. It also plans to track users of smartphone apps like Booking.com, AirBnb and Justeat both on Android and iOS devices.
Telegraph reports that the HMRC will be tracking online sellers who use Ebay, holiday letting websites and other internet retailers will face one of the "biggest tax crackdowns in history" as the UK government plans to pursue
Telegraph reports that the HMRC will be tracking online sellers who use Ebay, holiday letting websites and other internet retailers will face one of the "biggest tax crackdowns in history" as the UK government plans to pursue
The tax authorities from HMRC believe that thousand of Britishers use services like eBay, Paypal and other apps to mint money in millions and dont declare income they make online, costing the exchequer billions of pounds every year
The new powers will give the HMRC access to information from Paypal, the online payment company owned by Ebay, smartphone app stores run by Apple and Google, holiday comparison websites and a host of other online retailers. It means that thousands of Britons who let out their homes on the internet or sells good on eBay without paying tax will be targeted and have their affairs scrutinised.
HMRC has asked for more powers as the existing legislation does not cover "electronic payment providers" such as Paypal, which is used by more than 20 million people in Britain to pay for goods and services online. It is one of the main methods of payment on Ebay.
The new legislation will cover electronic payments alongside price comparison websites for everything from holidays to insurance and takeaways. Popular websites include Booking.com, AirBnb and Justeat.
It will also extend to smartphone app stores run by Google and Apple, amid concerns that a new generation of businesses is failing to pay its full share of tax.
With HMRC showing the news ways to governments of world on how to track down tax evaders, the day wont be far when United States IRS and India's Central Board of Direct Taxes enacts similar laws to track down similar usage in US and India.
The new legislation will cover electronic payments alongside price comparison websites for everything from holidays to insurance and takeaways. Popular websites include Booking.com, AirBnb and Justeat.
It will also extend to smartphone app stores run by Google and Apple, amid concerns that a new generation of businesses is failing to pay its full share of tax.
With HMRC showing the news ways to governments of world on how to track down tax evaders, the day wont be far when United States IRS and India's Central Board of Direct Taxes enacts similar laws to track down similar usage in US and India.
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