Home / Knowledge / News / Apparel/Garments / Tax Free Worldwide announces largest tax refund network
Tax Free Worldwide announces largest tax refund network
20
Jun '13
Tax Free Worldwide, a specialist in VAT refund services for shoppers and retailers has announced a significant extension to its refund network across China, Russia and Ukraine. Partnerships have been agreed with Transforex in China, SMP Bank and Financial Standard Bank in Russia and City Commerce Bank in Ukraine.

The Tax Free Worldwide (TFW) system allows eligible visitors to the UK to claim back the VAT on any purchases made easily and quickly when they return home.  This is more convenient for the customer and enables retailers to attract more sales, taking advantage of the growing numbers of visitors from China (up 13%) and Russia (up 6%).

Transforex is the largest currency exchange company in China with 35 branches across the country in most major cities, giving TFW the most comprehensive tax refund network for shoppers from China.  Raoul Defant, Group Marketing Manager at TFW said; “Transforex is able to provide the widest coverage for our customers in China.  They have proven reliability and a reputation for providing good service.”

Mr Defant continued; “Shoppers from China are now the fastest increasing group of overseas visitors to the UK with the amount being spent by Chinese visitors last year up by over 30%. Retailers that are able to provide tax free shopping for eligible customers are able to take advantage of this trend and generate extra sales.”

Between them SMP Bank, Financial Standard Bank and City Commerce Bank have over 120 outlets across Russia and Ukraine, providing a wide network of refund points.

Integrating with the retailer’s POS system, the TFW system calculates the VAT and refund due, the administration fee, and the product/SKU details.  The system is able to recognise the nationality of the shopper from the credit card, and apply the appropriate rules accordingly. It processes the transaction quickly and reduces paperwork, which can be produced with the retailer’s logo, so boosting brand awareness. When the shopper returns home they can choose to take the refund either as cash, or as a credit transaction on their credit card.

About Transforex

Transforex Currency Exchange was the first non-financial institution authorised to manage foreign exchange business in China and is now the largest foreign currency exchange company in the country.  A joint venture by HNA Tourism Holding (Group) Co. Ltd and HNA Capital Holding Co. Ltd, Transforex has 6 subsidiaries, 30 branch offices and 42 sales networks in 25 regions throughout China including Beijing, Shanghai, Hong Kong, Guangzhou, Shenzhen, Tianjin, Hangzhou, and Xiamen.

Tax Free Worldwide

Must ReadView All

Textiles | On 6th Dec 2016

Garments, yarn export entitlement quota extended for 1 yr

Indian government has extended the export entitlement quota for...

Textiles | On 6th Dec 2016

Cash inflow will revive sales: Textile industry

The textile industry representatives are hopeful of revival of...

Courtesy: SIMA

Textiles | On 6th Dec 2016

Amma gave special attention for textile growth in TN: SIMA

Former Tamil Nadu chief minister J Jayalalithaa paid special...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search