According to a recent report entitled “Payments Landscape in the Czech Republic: Opportunities and Risks to 2022”, E-Commerce in the Czech Republic was worth 5.25 billion Euros in 2018. In Czech Republic currency, this amount is worth 135 billion Czech koruny. This report was published by Research and Markets, the world’s largest market research store. The report also details popular online payment methods used in the Czech Republic, and demonstrated that debit cards have increased in popularity over the last four years, with the frequency of debit card payments per card increasing at a compound annual growth rate of 19.2%.
VAT: Plan To Implement Belgium’s Anti-Fraud “Super Weapon” Across EU Countries
The EU is planning on following in Belgium’s footsteps by introducing the Transnational Network Analysis system (TNA) to countries across the EU. The system is a powerful weapon against VAT fraud, and it is a copy of a system that Belgium has been using to fight fraud since 2001. The TNA software was first launched by Belgium’s Special Tax Inspectorate, and as a result, between 2001 and 2018 the amount of VAT fraud damage was reduced from €1.1 billion to under €45 million. The TNA uses algorithms to detect suspicious transactions that indicate a VAT carousel, where fraudsters import goods VAT-free from other countries.
E-Commerce: 8% Increase In Returns In Europe
According to research carried out by retail analytics resource DynamicAction, the number of returns in Europe has increased by 8% this year in comparison with the same period last year. The research analysed almost 11 billion Euros worth of online consumer transactions which took place between the start of this year and 15th April. According to DynamicAction these statistics demonstrate a “growing trend from consumers to buy multiple products online with the intent of returning some items”. The research also shows that during the same period there was a 3% rise in free shipping.