Home / Knowledge / News / Textiles / Two weeks for post VAT change repricing – BRC victory

Two weeks for post VAT change repricing – BRC victory

14
Dec '09
The British Retail Consortium (BRC) is welcoming a Government announcement following the Pre-Budget report that retailers will be given four weeks instead of two to update price labels in stores after the VAT rate change on 1 January.

The BRC has been campaigning for the Government to amend the Price Marking Order provisions to give retailers longer to change shelf and product labels when standard rate VAT returns to 17.5 per cent.

This will be a permanent change which will also apply to any future VAT rate changes.

The law currently gives retailers just two weeks to adjust every price following a change in the VAT rate. The BRC has also been calling for extra flexibility and a tolerant approach to enforcement, pointing out that reversal of last year's VAT cut will come during the vital post-Christmas sales period when retailers and staff are already under great pressure.

British Retail Consortium Director General Stephen Robertson: “This is a victory for BRC campaigning. It's come late but this change will give retailers more time to achieve this huge, costly exercise without undermining their key mission,especially at sales time – serving customers.

“Repricing thousands of items and updating IT systems is a major undertaking and will have to be done during most retailers' busiest and most commercially important time of year. Retailers will be doing all they can to minimise any customer confusion by relabelling quickly but they now have the option of leaving the job until later in January when shopper numbers are lower and staff are under less pressure."

“I urge the Government to ensure a 'light touch' to enforcement after the change so retailers aren't unfairly penalised while this work is being carried out.”

British Retail Consortium (BRC)


Must ReadView All

Rajive Ranjan (left), Managing Director, Techno Design GmbH and Technocian Fashions, with Oliver Hein, COO, s.Oliver Group. Pic: PDS Multinational Fashions Limited

Apparel/Garments | On 2nd Dec 2021

PDSMFL (BSE:538730) to source for s.Oliver from India, Sri Lanka

India-based PDS Multinational Fashions Limited (listed on Bombay...

US President Joe Biden. Pic Palinchak | Dreamstime.com

Retail | On 3rd Dec 2021

American families have more money in their pockets: US President

Even after accounting for rising prices, the typical American family...

Pic: heimtextil.messefrankfurt.com/

Textiles | On 3rd Dec 2021

Messe Frankfurt cancels international home textiles fair Heimtextil

The Messe Frankfurt Group has announced cancellation of Heimtextil,...

Interviews View All

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Cannot see the world breaking away from cotton & polyester

Textile Industry, Head honchos

Textile Industry
Head honchos

Led by MMF, Indian apparel exports likely to double in next 3 years

Textile Industry, Head honchos

Textile Industry
Head honchos

Instagram & fashion will go a long way together

Ilker Hacioglu,

Ilker Hacioglu

Founded by three partners of French origin in 1988, LC Waikiki started its ...

Susan Bhaktul,

Susan Bhaktul

Established in 2000 as a liaison with the Government of India, Industree...

Dhruv Toshniwal & Udit Toshniwal,

Dhruv Toshniwal & Udit Toshniwal

Launched a year ago, Fashions Pvt Limited conceptualises and sees D2C...

Serkan Gogus, Mogul Nonwovens

Serkan Gogus
Mogul Nonwovens

Mogul is a global player ranked among the top 40 nonwoven producers in the ...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Shlomzion Chen, Seevix

Shlomzion Chen
Seevix

Seevix Material Sciences Ltd, which develops and manufactures synthetic...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

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


December 2021

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


Advanced Search