ELECTRONIC COMMERCE

GST crackdown looms for online sales

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Original article by Nick Tabakoff
The Australian – Page: 7 : 28-Jun-18

The goods and services tax will apply to purchases of up to $A1,000 via overseas-based online marketplaces from 1 July. The Australian Taxation Office has signalled that it will use all of the tools at its disposal to ensure that multinational e-commerce groups comply with the new GST rules, including targeted audits and financial penalties. The ATO’s Tim Dyce says that about 3,200 international online marketplaces will have to be registered to collect and remit GST when the changes take effect.

CORPORATES
AUSTRALIAN TAXATION OFFICE, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, AMAZON.COM INCORPORATED, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

China giants to control global digital economy: McKinsey

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Original article by Lisa Murray
The Australian Financial Review – Page: 3 : 1-Mar-18

The McKinsey Global Institute estimates that China now accounts for more than 40 per cent of global e-commerce in terms of transaction value. McKinsey director Jonathan Woetzel says there is a growing view that Chinese technology companies rather than their US counterparts will become the dominant players in the global digital economy. TechSydney director Bede Moore notes that cashed-up Chinese technology companies are ramping up their investment in Asia.

CORPORATES
McKINSEY GLOBAL INSTITUTE, TECHSYDNEY, ALIBABA GROUP HOLDING LIMITED, TENCENT HOLDINGS LIMITED, FACEBOOK INCORPORATED, AMAZON.COM INCORPORATED, WECHAT, LAZADA, TOKOPEDIA, ANT FINANCIAL, JD.COM INCORPORATED, CENTRAL GROUP OF COMPANIES, BAIDU.COM INCORPORATED