Britain will reintroduce sales tax free shopping for international tourists to boost the country’s retail sector, according to the Chancellor Kwasi Kwarteng.
What happened
Kwarteng revealed in his new Growth Plan that the government would consult on introducing a new tax-free shopping scheme for Great Britain and would modernise the one in place in Northern Ireland.
Why it matters
"Britain welcomes millions of tourists every year, and I want our high streets and airports, our ports and our shopping centres, to feel the economic benefit. So we have decided to introduce VAT-free shopping for overseas visitors," he told parliament during the presentation of a mini-budget.
The scheme, which will replace the old paper-based system with a digital one, will contribute to the government's ambitious target for 2.5% trend of growth, securing sustainable funding for public services and improving living standards for the public.
The previous tax-free shopping schemed was abolished at the end of 2020 by the former Chancellor Rishi Sunak after Brexit. The government added that a consultation would "gather views on the approach and design of the scheme" before it will be in place as soon as possible.
This news brief is based on reporting published by TheIndustry.fashion on 2022-09-23. The original report is linked below.
TheIndustry.fashion
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