too many taxes with Brexit- Corriere.it

Luxury shopping? Milan and Paris beat London. All the fault of Brexit and thefarewell to duty-free shopping without taxes for foreign visitors. The decision not to extend the exemption was taken by Jeremy Hunt, the Chancellor of the Exchequer (the equivalent of our Economy Minister, ed) months ago and has raised quite a few controversies from fashion and tourism companies in the United Kingdom United. To the point that the Daily Mail has also launched the “Scrap the tourist tax” campaign.

In parallel, about 90 companies have written a letter to the Chancellor to return to tax-free shopping for clothes, souvenirs or luxury items. Sir Rocco Forte, owner of the Rocco Forte Hotels chain and one of the signatories of the letter underlines how Paris, Milan and Madrid are becoming prime destinations for luxury shopping after this own goal by the British government. The document reads: If we look at individual nationalities, the influx from the United States to the United Kingdom is back to 101% compared to 2019. But Italy is currently enjoying 190% spending by American visitors compared to the pre-pandemic period. Spain at 201% and France even at 226%.

The text also recalls that all EU countries now offer tax-free shopping. Thus, our goods suddenly began to cost 20% more than in other countries. The Treasury said the move would save £2bn a year but that was vague and not entirely true. Tourists arriving from the United States, the Middle East, China and other countries contributed to the wider economy, in addition to the expenses incurred for their purchases. strictly economic issue. According to Oxford Economics data restoring 20% ​​tax break for overseas visitors would boost economy by £4.1bn and would support 78,000 jobs.