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BREXIT
BREXIT
BREXIT
TAX
BREXIT

On 14 November, negotiators for the European Union and the United Kingdom published an agreement for the United Kingdom’s withdrawal from the European Union (Brexit), which must be ratified by the European Council and Parliament, and by British Parliament.

On 29 March 2019 the withdrawal will be effective, with the United Kingdom becoming a ‘third country’. The withdrawal agreement establishes a transitional period until 31 December 2020, during which the community legislation will continue to be applied in the United Kingdom with respect to the interior market, the customs union and community policies.

On 14 November, a policy declaration was also published, establishing the bases of the future relationship, once this transitional period has ended.

Nevertheless, if this agreement is not in force upon the withdrawal date, the United Kingdom will be considered a ‘third country’, without any specific preference. This situation could have a significant effect on the organisation and/or the logistic flows of economic operators, and therefore it is essential to evaluate this impact and, insofar as it is possible, bring forward the implementation of procedures required.

From the point of view of customs, the new formalities would include filing an import/export form or similar document for every shipment, as well as dealing with customs checks, payment of tariffs and other duties, and the need to obtain health and quality certificates, or other similar kinds of documents, in order to sell your goods.

In matters of VAT, the shipments to the UK will be exempt as exports, being the customs declaration of export one of the means of proof admitted to the purpose of justifying the exemption.

On the other side, imports from UK will be subject to VAT payment on importation.
For further information contact with our office.

Regards,

Alberto Cordón Suárez

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