EU agrees to drive multinationals to reveal tax, piling stress on UK
In different tax information, the EU has agreed it can drive massive multinational corporations to publish a breakdown of the tax they pay in every of the bloc’s member states and in tax havens comparable to Seychelles.
The transfer piles stress on the UK authorities to observe swimsuit.
After years of stalled talks, a deal was struck on Tuesday between EU governments and MEPs on nation by nation reporting, a coverage designed to show how among the world’s largest corporations – comparable to Apple, Facebook and Google – keep away from paying an estimated $500bn (£358bn) a 12 months in taxes by means of shifting their income.
Below the brand new guidelines, corporations with international revenues of at the very least €750m (£645m) over two consecutive years should publicly disclose how a lot tax they pay in every of the EU member states and in 19 jurisdictions placed on black and gray lists which can be regarded to various levels as being “non-cooperative”.
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Full story: Etsy buys second-hand clothes app Depop to faucet into gen Z
Etsy is shopping for Depop, the British second-hand vogue resale app, for $1.6bn (£1.1bn) to faucet into the fast-growing development of era Z younger individuals reselling garments on-line.
Josh Silverman, the chief government of Brooklyn-based Etsy, mentioned:
“We’re merely thrilled to be including Depop – what we consider to be the resale house for gen Z shoppers – to the Etsy household.”
Announcing the deal on Wednesday, Silverman mentioned he anticipated the resale craze would proceed lengthy after the restoration from the pandemic, and he thought it will be led by Depop’s “passionate neighborhood” of fashion-conscious younger individuals.
Greater than 90% of Depop’s 30 million customers are beneath the age of 26, placing them within the extremely sought-after smartphone addicted generation Z – the age bracket under millennials. Etsy mentioned Depop was the tenth most visited procuring website amongst gen Z shoppers within the US.
The corporate, which was based by the English-Italian entrepreneur Simon Beckerman in Milan in 2011, now has registered customers in additional than 150 international locations. It’s 2 million lively sellers offered $650m price of second garments and different vogue objects final 12 months, with Depop taking a $70m reduce.
Etsy, which was founded in 2005 and floated in 2015, has been looking for to develop its affect amongst a youthful era as its customers are sometimes older: its sellers’ common age is 39.
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