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$upwk facilitates companies to hire and manage independent contractors through their software.
an overlooked aspect of their business is the fact that they are working to "unlock" workers in other parts of the world
an overlooked aspect of their business is the fact that they are working to "unlock" workers in other parts of the world
India (for example) has traditionally been used as "call centers" due to cheaper labor and time zone differences. However, over the last 5-10 years, more roles have been able to be outsourced - mostly - IT roles, Customer Support roles, basic Accounting, & Data/Analytical roles
India is aware that their workers are supporting more and more of American businesses and want a piece of the pie.
A law enacted in March and effective as of October 1, 2020, requires e-commerce operators outside of India) to begin collecting TDS on payments made
A law enacted in March and effective as of October 1, 2020, requires e-commerce operators outside of India) to begin collecting TDS on payments made
to service providers (such as the freelancers and agencies that use Upwork) based in India.
$upwk has already started supporting this new rule, and with remote work becoming more popular more countries are bound to enact similar legislature. https://support.upwork.com/hc/en-us/articles/360044709894-Indian-Tax-Deducted-at-Source-TDS-or-Withholding-Tax
$upwk has already started supporting this new rule, and with remote work becoming more popular more countries are bound to enact similar legislature. https://support.upwork.com/hc/en-us/articles/360044709894-Indian-Tax-Deducted-at-Source-TDS-or-Withholding-Tax
$upwk acknowledged this during the Q2 ER --
"We're again, hearing a lot of demand for that type of a solution from customers who either want to payroll existing workers that they have, who they want to bring on to ...." https://www.fool.com/earnings/call-transcripts/2020/08/05/upwork-upwk-q2-2020-earnings-call-transcript.aspx
"We're again, hearing a lot of demand for that type of a solution from customers who either want to payroll existing workers that they have, who they want to bring on to ...." https://www.fool.com/earnings/call-transcripts/2020/08/05/upwork-upwk-q2-2020-earnings-call-transcript.aspx
This is why I think Upwork has the unique opportunity to become the bridge between Corporations & independent contractors around the world - plugging in thousands of Non-US employees into the US market and ensuring that companies are compliant in doing so.
@ParrotStock wanted to get your eyes on this as I know you're long!
