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EU diktat on VAT could kill thousands of online firms

EU diktat on VAT could kill thousands of online firms

Critics say that even the smallest businesses will be forced to hire accountants and desribe the administrative burden on small firms as ‘unacceptable’

‘Thousands of ‘kitchen table’ entrepreneurs could be forced out of business by a new EU tax law, it is claimed.

From today, all companies selling digital products – including e-books, music downloads and even knitting patterns – must navigate a hugely complicated VAT system.

Critics say even the smallest businesses may have to hire accountants and spend hours on paperwork, forcing many to close.

The new law requires firms to charge VAT based on the country where the buyer lives, rather than where the seller is based.’

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