Ghost's plan to relocate their business to Singapore is a blow to innovative internet businesses in the UK.
Why locate your business in the UK if it's going to suffer EU under a tax regulation that was designed to catch out the giant technology companies?
Nor do the numbers lie. According to the EU VAT Action campaign, HMRC has admitted that 78% of the VATMOSS returns being processed in the UK only bring in 1% of the total revenue they get from this scheme. HMRC have gone so far as to eject 3000 of those small digital businesses out of the MOSS system because their tax revenues are so tiny that they are essentially not worth processing. Yet the scariest number in this whole drama was the Campaign’s finding that only 1% of impacted businesses are even aware of the MOSS requirements. That 1% is fed up struggling under the burdens of a regulation designed to go after multinational corporations whose sweetheart tax deals were brokered by EU politicians in the first place.
— Digital platform Ghost leaves the EU thanks to #VATMOSS by WebDevLaw
Ghost made the right decision in relocating and I wish them all the best in their new digs.