Temu
Temu is an international online marketplace that sells a wide range of consumer goods directly from manufacturers, mostly in China, to buyers in dozens of countries. It is owned by PDD Holdings, the Chinese group that also operates Pinduoduo, and is known for low prices and heavy online advertising. The company is headquartered in Dublin, Ireland, while its operations are centered in China.
-
Ukrainian parliament approves in first reading VAT on foreign marketplace purchases
On 16 September, the Verkhovna Rada voted in first reading for a package of bills introducing VAT on goods bought through foreign marketplaces, regardless of value. 273 MPs backed the Tax Code amendment and 267 supported a separate customs bill. Finance Minister Serhiy Marchenko said the legislation is part of Ukraine's obligations to the IMF and the EU and warned that the country has already missed a €4 billion tranche, with an October tranche still contingent on passage.