UK Finance Minister Rachel Reeves aims to collect roughly £500 million annually by removing the customs duty exemption for imported goods valued below £135, according to Reuters. The move follows pressure from major local retailers such as clothing chain Next and Associated British Foods, the owner of Primark, who have long complained about unfair competition from overseas online sellers.
Currently, while large companies pay customs duties for bulk imports, individual buyers can order similar products directly from foreign online retailers — often based in China — without paying duties, as long as the value of each item stays below the existing threshold.
Read full article here: turnovernews.com
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