Andersen analyse the impact of Brexit in customs and VAT

Andersen organize a webinar with the participation of the European Commission

During the webinar organized by Andersen European professionals, in collaboration with the representatives of the European Commission, Germán de Melo and María Isabel García Catalán, the implications of VAT following the exit of the United Kingdom from the European Union were explored.

The EORI (Economic operator registration and identification) customs and temporary storage authorizations of the customs authorities in the United Kingdom will no longer be valid after the end of the transition period for the entry into force of Brexit (January 1, 2021).

After the transition period, the UK documentation will become non-native to the European Union and to any EU partner country, therefore the products cannot be exported on a preferential basis.

Transactions between the European Union and the United Kingdom will become exports and imports and the EU VAT simplifications will no longer be applicable after December 31, 2020.

Products imported into the United Kingdom from the European Union will be subject to duties and VAT, which may still be reduced or eliminated as part of the negotiations for the Union’s free trade agreement in the United Kingdom.

Davide Centurelli, coordinator of the Italian VAT and Indirect Customs Tax department, is available to provide further information.