E-commerce firms have voiced concerns over the Treasury's proposal to slap local traders with a five percent withholding tax on the value of goods they sell online, warning that the move will reverse gains made in online trading.
The Laws (Amendment) Bill, 2024 also proposes to introduce a 20 percent withholding tax on goods sold online by a foreign trader, targeting e-commerce giants such as Amazon and Alibaba that don't have a local presence.
