The British authorities announced that they are considering the possibility of canceling the Tax Free system from December 31 of this year, explaining this decision by too large budget losses in case of a tax refund after purchases. Such a plan by the authorities drew sharp criticism from the tourist industry. The fact is that canceling the Tax Free system for foreign visitors could cost the UK billions of pounds in lost profits. In addition, 70,000 jobs will be at risk. Tourists from non-EU countries make purchases in the UK annually in the amount of £3.5 billion. In case of refusal to refund VAT, Britain will become the only country without Tax Free, which may lead to the fact that tourists prefer shopping in other cities and countries. At the moment, a Tax Free deduction can be obtained for purchases worth 30 pounds, the amount of VAT is 20%. It is noted that items purchased in this manner should not be used in the UK.
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ForexMart is authorized and regulated in various jurisdictions.
(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines
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