E-Commerce: United Kingdom’s Online Market Turnover Expected To Reach €200 Billion by End of 2019
A new report has shown that the business-to-consumer E-Commerce turnover in the UK is expected to reach over 200 billion Euros by the end of this year (£178 billion). If this expected amount is reached, this turnover is a 14.6% increase in comparison to last year, as in 2018 UK e-commerce was worth almost 175 billion Euros. If the total turnover this year reaches €200 billion this means that almost 8% of the UK’s gross domestic product will be made up of E-commerce sales. The share of the British population using the internet is currently at 95%, but the report has stated that this year this will also rise to 96%.
VAT: Bulgaria to Raise VAT Registration Threshold to BGN 100,000
European traders who sell products cross-border to Bulgaria will know that the current threshold for VAT registration in the country is BGN 50,000. These merchants will have registered for Value-Added Tax in Bulgaria if their sales to the country exceeded BGN 50,000. However, The Bulgarian government has recently announced that the current threshold of BGN 50,000 will be raised to BGN 100,000. This new threshold applies from 1 January 2019. In addition to this change, a new reduced VAT rate of 5% will be introduced, which will apply to basic food stuffs.
E-Commerce: JP Morgan Named Number One E-Commerce Acquirer in Europe
Data news source The Nilson Report, which provides analysis of the global payment industry, has named JP Morgan, the multinational investment bank, as the number one e-commerce acquirer in Europe by web transaction volume. In regards to its place as a merchant acquirer, JP Morgan is now in fourth place this year after moving up from sixth place. According to the report, JP Morgan processes almost 30% of all online transactions in Europe. Catherine Moore, President of Europe for J.P. Morgan Merchant Services, has said that “As a pure-play ecommerce acquirer in Europe, we help merchants optimize their overall cost of payments and maximize business profitability.”