VAT news tagged as "Brexit"

United Kingdom

EU Customs Union: halves membership rebate for Brexit

May 19th, 2018

The European Commission has proposed that it halves the customs duties rebates to members of the EU Customs Union. The EU currently retains €20billion for its own income of the €25billion in collected common tariffs. The proposal is to raise this to €22.5billion. The extra funding will be retained by the EU as part of its …

United Kingdom

UK HMRC delays projects on Brexit customs fears

May 13th, 2018

The UK’s tax authorities, HMRC, has delayed 39 of its scheduled 267 ongoing efficiency programmes to ensure it can be ready for Brexit on 29 March 2019. Brexit customs IT upgrades sideline efficiency projects HMRC requested the delays to help ensure its new customs declaration services (CDS) would be Brexit-ready for a January 2019 launch. In …

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 …