A balance of tax revenue and economic growth in the retail sector

UK total retail sales in 2024 saw a marginal increase of 0.7% compared to 2023 with the surge in spending during the Christmas period failing to offset sluggish growth for retailers amid ongoing economic landscape, according to the BRC-KPMG retail sales monitor.

Commenting on the marginal growth to UK retail sales in 2024, International Corporate Tax Partner Mark Tan highlighted that non-food sales experienced a significant decline, and that there had been an uneven recovery across sectors.

“For many retailers, particularly those operating across borders, this growing burden is not just a compliance issue – it’s an existential risk. The need to navigate diverse tax regimes, transfer pricing challenges, and ongoing scrutiny of digital sales has made robust tax governance essential for survival,” Mark said.

Read the full article including Mark’s comments here: Christmas fails to revive sluggish UK retail growth in 2024 | Just Style