The association wants the tax-free shopping programme to be part of the new Visitor Economy Growth plan, being drawn up by the department for culture, media and sport.
Reinstating tax-free shopping would bring £3.7 billion (~$5.02 billion) to the economy every year and turn Britain the global shopping capital, AIR argues.
In a submission to the Visitor Economic Advisory Council, AIR asked for creating a ‘world-beating’ new value-added tax (VAT)-free shopping scheme that would favour all international visitors.
It also argued that Britain could be the only large European country offering VAT-free shopping to the 450 million EU residents, now that the United Kingdom is no longer part of the EU.
Such a decision could also turn Britain as the top choice for retail investors, it observed.
Britain’s high streets would benefit, with additional foreign spending and investment helping to revitalise town and city centres across the country at a time of increasing costs and competition, AIR added in its submission.
ALCHEMPro News Desk (DS)
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