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

Courtesy: Stone Island

Apparel/Garments | On 25th Jun 2018

Stone Island has mastered ingredient branding: Braind

Italian high-end men's apparel brand Stone Island tops the list of...

Courtesy: Tecnorama

Textiles | On 25th Jun 2018

'Tecnorama automatic dyeing system offers efficiency'

Italy based Tecnorama’s fully-automatic machinery for dispensing...

Courtesy: Pantone

Textiles | On 25th Jun 2018

Pantone unveils polyester standards

Pantone, provider of professional colour standards for the design...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search