In time for the 2018 Football World Cup, international tourists can now take advantage of Tax Free shopping.
Premier Tax Free, a multi-currency payment processing and the management of tax-free shopping for international tourists, has issued its first Electronic Tax Free Form in Russia. The Form was issued in Central Moscow on 11th April by a store owned by BOSCO di CELIEGI Group.
This historic process follows the announcement made by the Government of Russia in 2017 of legislation allowing shoppers from outside the EU to save up to 18% when spending a minimum of 10,000 Roubles on a range of goods including fashion, technology and jewellery. This was one initiative to promote tourism in advance of and following the upcoming FIFA World Cup, where it’s estimated over one million fans will travel to the country’s capital.
Gary Byrne, Director of New markets Worldwide in Fintrax Group, parent company of Premier Tax Free commented: “According to recent data, one million Chinese tourists visited Russia in 2016 where they spent US$2 billion, highlighting the scale of the Tax Free market now this legislation is in place.
“Premier Tax Free has been instrumental in the launch of the Tax Free shopping services now available, through working closely with the Government, regulators and potential Merchants for almost two years. Following issuing this Electronic Tax Free Form, our innovative Premier Online VAT refund system will be rolled out to qualifying Merchants on a daily basis.”
To further support this new market, Premier Tax Free has appointed Andrey Silantiev as the Country Manager for Russia. Mr Silantiev joins from Deloitte and will provide on the ground support to Merchants.
Patrick Waldron, CEO of Premier Tax Free, says: “The processing of this Tax Free Form brings to an end almost two years of hard work to make this new market a reality. We are excited about the opportunities and products that we will be able to develop with key Russian stakeholders and pioneers within the digital payment space, to further enhance the shopping opportunities available to the international traveller”.
About Premier Tax Free
With over 30 years’ experience, Premier Tax Free is a Tax Free shopping company, providing international shoppers with VAT refund and dynamic currency conversion services, in partnership with over 150,000 retail stores worldwide.
Premier Tax Free is part of the Fintrax Group, an international financial payments organisation established in 1985 which employs over 1000 people in over 40 office locations worldwide and serves 55 markets. Fintrax Group supports over 300,000 merchants and 100 partner banks in five continents, offering over 600 tax free refund points, more than any other provider.
Fintrax became part of the Eurazeo portfolio of growth companies in December 2015.