Tax Flash No. 5/2019

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Brexit – news from the European Commission

https://ec.europa.eu/taxation_customs/uk_withdrawal_en

In the absence of a Withdrawal Agreement, Brexit will affect the commercial relationship with the UK:

  • customs formalities have to be performed and the customs authorities may require guarantees for the customs debts, as the case;
  • customs duties will be applied to goods entering the EU from the United Kingdom;
  • Member States will charge VAT on imported goods entering the EU from the UK, while exports will be VAT exempted;
  • the authorizations issued by the UK for simplifications or customs regimes, as well as those issued to authorized economic operators will no longer be valid in the EU.

The term for finalizing the tax and customs formalities for the continuation of the commercial relationship with the UK is 30 March 2019.

! The VAT refund requests for reimbursement of the VAT paid in the UK should be submitted before 30 March 2019.

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