Chancellor Quasi Quarteng said during the presentation of the new mini budget to support the local economy in this delicate historical period that the government would introduce a modern digital system of VAT-free purchases, or VAT to put it the Italian way, in order To create employment in the retail and tourism sectors.
The project foresees a modernization of the current program in Northern Ireland and the introduction of a new digital program in the rest of the three countries of the Kingdom, England, Scotland and Wales. This means that the new system of purchase is exempt from VAT. For non-British visitors to the UK, including Italians, this will allow refunds on purchased goods for a portion fixed for government taxesAs in all countries using this tool.
The Chancellor told Parliament during the presentation of the mini budget that the country welcomes lakhs of tourists every year and the government wants the main roads, airports, seaports and shopping centers to be economically benefited. This is why Downing Street has decided to introduce a VAT exemption for purchases by foreign visitors.
The previous purchase discount was terminated at the end of 2020. Quarteng reiterated that the government would replace the previous paper system with a digital one. ,and soon it will behe said during the presentation.
Linda Allett, KPMG’s UK manager for consumer markets, retail and leisure, said that The move will increase the competitiveness of the UK as it attracts international visitors,
,The measure is an important measure to counter the rise in inflation, along with economic growth, an increase in the volume of international tourism and its return to pre-pandemic volumes.“Stressed Ellet.
The government is now waiting for when the new regime will come into effect and the details of how to get refund of VAT, and which products will be affected and the minimum cost.
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