The Competition and Markets Authority published today its final clearance decision regarding Fintrax’s acquisition of GB TaxFree. The two companies are providers of VAT refund services in the UK, which involves the administering and processing of refunds on behalf of retailers (such as luxury brands, boutiques and popular high-street shops). Such refunds are available to tourists that live outside the EU, who can reclaim the VAT on purchases made when visiting the UK and other EU countries.
The Oxera team, led by Competition Partner Matthew Johnson, advised Fintrax in this case. Our analyses showed that the two parties have different customer bases and do not compete closely. The CMA concluded that the merger does not give rise to competition concerns.