China Launches Cross-Border Hub in Latvia
China has launched a cross-border e-commerce hub with its trading partner Latvia. The hub has been opened at the Baltic Container Terminal in Latvia’s capital, Riga, in order to develop the commercial relationship between China and Latvia and to make products from Latvia and Central and Eastern European countries easily available to the Chinese market. The secretary of state at Latvia’s ministry of economics, Ēriks Eglītis, has spoke positively of the launch of the hub, and has said “the annual trade turnover between China and Latvia, currently valued at 640 million Euros, will soon grow to a billion Euros and beyond.”
Follow-Up: Poland Will Introduce Mandatory Split Payments from September
In April we reported that Poland will be introducing mandatory split payments in January 2020 – as a follow-up to this, The Polish Ministry of France is now planning on bringing mandatory split payments for B2B businesses forward to 1 September 2019. When this measure is put into place, it will be mandatory for Polish taxpayers to open VAT accounts with Polish banks for the receipt of the VAT element of their sales invoices. Split payments will only apply to transactions exceeding the value of PLN 15,000, and will apply to products including steel, fuel and coal, mobile phones, tablets, digital cameras and passenger car parts.
High Security Visa Token Service Is Expanding In Europe
The Visa Token Service was launched in 2014 by financial service Visa as a way of increasing the security of payments and making life easier for both businesses and consumers. With a particular focus on e-Commerce payments, the service reduces the risk of fraud and protects customer information by making it so that payment gateways no longer have to store sensitive account data such as credit card details. Now, following its successful launch, businesses are implementing the service and 11 new European partners are joining the Visa Token Service programme. These partners include Adyen, Cardstream, Computop and Wirecard.