VAT news tagged as "Brexit"

United Kingdom

UK to leave EU VAT regime 31 Dec 2020

March 21st, 2018

The UK’s date for leaving the EU VAT regime has been potentially set for 31 December 2020. On 19 March 2018, the UK and EU negotiating teams confirmed that a new draft Withdrawal Agreement, to be released later this week, will include a 21-month transition period ending 31 December 2020. At present, by act of …


United Kingdom

UK – date for leaving EU VAT regime in doubt

March 5th, 2018

When the UK leaves the EU VAT regime on Brexit, an estimated 132,000 UK and many more EU companies trading with the UK may lose many VAT reporting simplifications. They may also incur stiff import VAT bills for the first time on goods sold cross-border. However, the date for this significant change is still uncertain as the UK’s …


United Kingdom

UK Brexit Taxation Bill leaves businesses at risk

February 4th, 2018

On January 8 2018, the legislation setting the UK’s post-Brexit customs and VAT regimes passed its second reading in the House of Commons. The preliminary statute prepares the country to take full governorship of its customs and VAT regimes from 30 March 2019, when the UK is scheduled to depart the European Union (EU). Since …


United Kingdom

UK Brexit planning Authorised Economic Operator AEO

January 15th, 2018

UK businesses with large international supply chains risk huge delays for their goods crossing EU borders after 2019’s Brexit. However, so far only 608 UK businesses have considered a major mitigation of this customs clearance risk – applying for Authorised Economic Operator (AEO) certification.  This compares to a total of around 130,000 eligible UK exporters. Supply …


United Kingdom

UK Brexit Customs and VAT Bill

January 8th, 2018

On Monday 8 January, the UK Parliament has its second reading of the Taxation (Cross Border Trade) Bill, which lays the ground for the post-Brexit Customs, VAT and Excise regimes. The Bill was published on 20 November 2017, and is part of a series of Brexit laws to adjust UK legislation for post Brexit.  This includes …


Worldwide

2018 Weaponising VAT

December 4th, 2017

Brexit. VAT fraud. Austerity straitjackets. Global tax wars. These are the colliding dynamics which in 2018 will lead to the UK, and worldwide governments, to undertake drastic measures on VAT and other taxes. This could include an emergency measure to relieve importers/exporters of potential Brexit VAT liabilities, through to the European Commission up-ending the entire …