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The government on Tuesday proposed several changes in the withholding tax structure, including reducing the tax rate for e-commerce businesses to 0.1% from the current 1% and allowing TCS deduction against withholding tax deducted from salary.”The Finance Bill will initiate simplification of tax on charities, withholding tax rate structure, revaluation provisions, audit provisions and capital gains tax,” Finance Minister Nirmala Sitharaman said in her Budget speech in the Lower House of India.In her first budget proposal of Modi 3.0, Sitharaman proposed to consolidate the 5% withholding tax rate on many payments to a 2% withholding tax rate and remove the…

Image courtesy of https://www.weforum.org The European Union plans to revise its customs laws to focus on the fast-growing, low-cost e-commerce industry, which could have a major impact on consumer buying habits and global online retail giants. Announcing the initiative, European Commission President Ursula von der Leyen said: “We will tackle the challenges for e-commerce platforms to ensure that consumers and businesses benefit from a level playing field based on effective customs, taxes, security and sustainability management.” A key element of the proposed adjustment is the removal of the €150 import tariff exemption level, which was originally due to be eliminated…

A pedestrian rides a bicycle past TMON headquarters in Gangnam District, southern Seoul, on Tuesday. [NEWS1] Merchants on South Korean e-commerce operators owned by Singapore-based marketplace Qoo10 have begun suspending services after experiencing ongoing difficulties in withdrawing revenue. Affected platforms include TMON, WeMakePrice, and Wish+. The TMON withdrawal issue has led to sudden cancellations for customers who have purchased services on the platform since Monday, including some who had purchased travel packages and air tickets ahead of the summer season only to have them cancelled just days before departure. TMON is often used by Korean users to receive discounts when…

E-commerce allows small businesses to spread their great products around the world and showcase Puerto Rican talent and creativity. (Credit: Snowingg | Dreamstime.com) Entrepreneur Keeshla Michelle Cabrera advises businesses to leverage platforms like Amazon, Shopify and Etsy to reduce operational costs and scale globally. E-commerce represents a huge opportunity for Puerto Rico's small businesses to expand their reach, reduce costs, and contribute to the growth of the local economy. Platforms such as Amazon, Shopify, eBay, Etsy, and Walmart Marketplace can help businesses succeed in a competitive global marketplace. The impressive sales figures for these platforms highlight the revenue growth potential…

B2B e-commerce marketWMR has published a report titled “B2B E-commerce Market: Industry Trends, Share, Size, Growth, Opportunities, and Forecast 2024-2031.” The report includes market share records and thorough company analysis. The report examines the market's competition, geographical distribution, and growth potential. This comprehensive report includes industry performance, critical success factors, risk assessment, manufacturing prerequisites, project costs, economic analysis, expected return on investment (ROI), and profit margins.This comprehensive report delves into the evolving trends, obstacles, and prospects in the dynamic landscape of the market. From driving technological advancements to innovation and sustainability initiatives, the B2B E-commerce market has a tremendous impact…

Manchester's Praetura Ventures has led a £3.25m Series A investment into the software business that works with e-commerce companies around the world. Ocula has developed Ocula Boost, an AI-powered tool that uses AI and large-scale language models to enhance retailers' product pages. The company currently has over 25 major clients including Boots, AO.com and US retailer Blain's Farm & Fleet, and with Praetura's investment it hopes to triple its customer base over the next 24 months. Belfast-based Ocula has also raised further investment from long-term investors Castelnau Group and Lloyds Banking Group and their fintech investment teams, alongside Praetura. The…

newsworkE-commerce export hub to be established through public-private partnership: Finance Minister India's e-commerce industry is primarily dominated by small and medium-sized enterprises exporting products worth between $25 and $1,000; popular items include handicrafts, art, books, ready-made garments, gems and jewellery. Finance Minister Nirmala Sitraman said at the Union Budget presentation on Tuesday that the e-commerce export hubs will be set up through public-private partnership mode. (PTI)Finance Minister Nirmala Sitraman said at the Union Budget presentation on Tuesday that e-commerce export hubs will be set up under a public-private partnership model to enable Micro, Small and Medium Enterprises (MSMEs) and traditional…

India will set up a dedicated e-commerce export hub to boost online trade, Finance Minister Nirmala Sitharaman announced in the Union Budget. The government aims to create a streamlined regulatory and logistical environment to support the growing e-commerce sector.The Directorate General of Foreign Trade (DGFT) is already working with the Reserve Bank of India and other ministries to implement measures to boost e-commerce exports. These hubs are expected to offer a range of services including export clearance, warehousing, customs clearance, return processing and product handling.Industry experts are of the opinion that these hubs will act as bonded zones, simplifying the…

India is a dedicated E-commerce export hub Finance Minister to promote online trading Nirmala Sitharaman Announced in the Union Budget, the government aims to create a streamlined regulatory and logistics environment to support the growing e-commerce sector.Directorate General of Foreign Trade (GermanyThe Indian Ministry of Finance (IMF) is already working with the Reserve Bank of India and other ministries to implement measures to boost e-commerce exports. These hubs are expected to offer a range of services including export clearance, warehousing, customs clearance, return processing and product handling.Industry experts are of the opinion that these hubs will act as bonded zones,…

The world has made a major shift from traditional ways of operating towards fully embracing digital schemes and the opportunities within them. This has encouraged the development of various sectors such as e-commerce, which allows toy retailers to transact online. Increased mobile penetration and internet connectivity has led to more people buying and selling on online-oriented platforms, ultimately leading to accelerated revenue from the industry. To be clear, e-commerce (electronic commerce) is the buying and selling of goods and services that involves the exchange of funds over the internet. This is usually done with or without proximity. E-tailers can take…