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UK Chancellor of the Exchequer Jeremy Hunt has asked the Office for Budget Responsibility to review bringing back VAT-free shopping for international visitors, the Financial Times reported on Sunday.
The UK at the start of 2021 scrapped VAT-free shopping in an effort to boost government coffers, but the move has caused complaints by British businesses that say they have been put at a disadvantage compared to international peers.
The FT reported that OBR Chair Richard Hughes has been asked to mull ‘the costs and benefits’ of the so-called ’tourist tax’.
https://www.ft.com/content/30982b16-6d3b-48b8-aaea-f71a912a01c9
Burberry Group PLC previously hit out at the VAT measure. Back in November, it said its UK performance continued to lag its showing in Continental Europe when it came to ‘attracting tourism spend compared with pre-pandemic levels’. It reflected the ‘withdrawal of VAT refunds in the UK since January 2021’.
Burberry shares traded 1.7% higher at 1,304.50 pence each in London on Monday morning, among the best FTSE 100 performers.
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