International Tax Laws On E-Commerce May Change Global Trade

©iStock/Galeanu Mihai

International tax laws on e-commerce may change the industry and global trade — perhaps not for the better, resulting in higher consumer prices.

E-commerce has enjoyed such a meteoric rise over the past decade that ordering pretty much anything online and receiving it within a few days is now routine for consumers all over the world.

Retail e-commerce sales rose to $6.3 trillion in 2023, from $1.8 trillion in 2016, and are expected to grow to $8.1 trillion by 2026, with 4.5 billion users worldwide — or roughly half the population of the planet, according to data tracking site Statista. What’s more, by 2026, e-commerce is expected to make up 24% of all retail sales, up from 18.8% in 2021.

The economics of global e-commerce may soon be changing, however, possibly making goods more expensive and forcing small business owners to pay much closer attention to international trade laws.

from The Global Small Business Blog https://ift.tt/sTiKOt2