The online store Maxgodis is closing down after the government removed the VAT exemption on e-commerce below NOK 350, reports E24.
The store tried to go with computer good when the VAT exemption was dropped but the business failed when it changed its business model, according to the newspaper.
The company’s Norwegian CEO Morten Hansson resigned.
Maxgodis experienced a tremendous period of growth and increased sales from NOK 12 to 43 million from the first half of 2017 to the same period the following year, which was followed by the government’s VAT exemption on e-commerce below NOK 350.
The board of the listed company Net Trading Group NTG AS has received a bid of NOK 1.2 million on the Norwegian part of the company, Maxsnus.no and Net Trading Norway, to which they will accept, according to E24.
© NTB Scanpix / #Norway Today