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Companies to Face New EU Tax on Their Cheapest Goods July 1

June 14, 2021, 8:46 AM

Companies selling their products in the European Union face a new wave of tax complexity starting July 1, when the 27-nation bloc starts charging a value-added tax on goods worth less than 22 euros ($27).

Such goods aren’t currently taxed because the revenue on them wasn’t considered worth the paperwork, but the explosion of e-commerce in the last decade has led the European Commission to believe member states can gain 7 billion euros from the updated tax rules.

The law, ...

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