While many people enjoy the convenience of purchasing products from online shopping sites, when items are returned, many people don't bother to claim the duty tax. Duty-back is a new online site that works to help people reclaim tax money lost on returned products bought online.
In today's Internet-savy culture, many consumers shop online for the simplicity and convenience of purchasing items from the comfort of their own home. But, when products are received and returned, many people are unaware that the taxes they paid to have that product sent to them can be reclaimed. That's where Duty-Back comes in. Formed in Canada, Duty-back works to help the consumer gain back money lost on duty taxes. Currently only available to Canadian customers, Duty-Back plans to expand to serve customers in Australia, UK and the USA.
What's Driving This Trend
- Online Shopping Tax Refunds
- There is an opportunity to disrupt the tax refund industry for online shopping by offering automation and simplicity
- Global Duty Tax Reclamation
- There is an opportunity to disrupt the global duty tax recovery industry by expanding services in other countries.
- Personal Finance Support
- Consumers would benefit from a platform that offers financial advice and support on reclaiming lost money from online shopping taxes.
Who This Affects Most
- E-commerce
- Online shopping sites could partner with duty-back companies or offer their own tax refund services as part of their checkout process.
- Financial Services
- Financial services companies could offer tax consulting or money management services related to online shopping tax refunds.
- Logistics and Shipping
- Logistics and shipping companies could provide information and help customers understand the tax implications of international shipping.
