China has delayed an ecommerce tax, first announced last April, until January 2018, in a boost to ecommerce firms in the region. The Financial Times reports that the move has boosted New Zealand-based vitamin and food stocks, including shares of Blackmores, up 19.1%, and a2 Milk, up 5.2% on Tuesday. The announcement in April hit regional ecommerce players, such as Australian milk powder maker Bellamy’s, especially hard.
Shoppers browse for health products in an aisle stocked with vitamin supplements. Photo: Reuters, Jason Reed
Beijing backs off ecommerce tax for the time being
China’s ministry delayed tax hike until 2018