The industry, trade and commerce has for generations got used to a habit of minimizing its tax liability (a jargon used in common parlance is ‘tax planning’) or pay no taxes at all. To pursue this goal, they can go to any extent exploiting loopholes in tax laws thereby denying state its legitimate dues. And if you have on plate a new form of economic activity or business transactions for which the extant tax rules and regulations are out of sync or inadequate, that may turn out to be a gold mine for the industry and trade. For sure, that gives an easy opportunity to them to escape the tax net completely. The e-commerce transactions provide one such avenue. From a few hundred million dollars a couple of years ago, currently e-commerce is about US$ 20 billion and projected to increase 15 times to US$ 300 billion by 2030 ( … Continue reading Taxman’s wild-goose chase of e-commerce