Welcome to the March 2019 Edition of the Tax Issue which focuses on Customs and Value Added Tax (‘VAT’) requirements on businesses who trade with the United Kingdom (‘UK’) in the event of a “No deal” or “Hard” Brexit scenario.
When the UK leaves the EU and the Customs Union, the UK becomes a non-EU country and will be treated as such in respect of imports from, and exports to, the UK. As a result, in many cases numerous additional border regulations may come into effect such as Custom Duty, Declarations, Inspections, etc.
As there is increased uncertainty around the outcomes of trade arrangements between the EU and UK post March 29, it is imperative that you prepare your business for a hard Brexit, particularly if you import goods from, and/or, export goods to the UK.
In this month’s edition, we have dealt with the additional registration and compliance requirements as well as some commercial aspects to be considered if you trade with the UK:
