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Published on : Wednesday, August 16, 2017
In the UK economy, tourism is considered as one of the strategic industries. A kind of a front door to the tourists across the globe employing more than 4.6 million people and generating revenue in billions for the Treasury year-on-year.
In spite of it, the industry is yet to receive that pedestal and recognition that it deserves from government for the enormous contribution to UK plc. The principal example which can be sited here is the Treasury’s denial to pursue the best European practices in Tourism tax matters.
Three out of thirty six European countries have levied reduced form of VAT on tourism services as a form of giving credit to the hospitality and tourism sector on the social and economic sphere of their countries. However, UK businesses and consumers are required to face 20% VAT, which is double the average rate of the main competitor destinations of the UK.
Dermot King said that he is the chairman of the Campaign to Cut Tourism VAT that works on behalf of the tourism sector in lowering the Tourism VAT from 20% to 5% in order to make the hospitality and tourism sector of Britain more aggressive internationally.
He also added that the UK has many things to offer British and foreign vacationers. But we have become an expensive choice as much as the World Economic Forum has graded the UK as the second least price competitive in tourism of 136 countries, he said.