The effect of the Brexit in 2020

| Tax

Effective February 1st 2020, as per the Brexit withdrawal agreement, the United Kingdom will become a non-EU country.

The withdrawal agreement provides for a transition period until December 31st 2020 in which the UK will remain in the single market and customs union until the end of the transition.

During this 11-month period, the UK will continue following all of the EU rules and its commercial relationship will remain the same.

Italian companies with commercial relations with the United Kingdom will have to apply the present rules in the matter of direct and indirect taxation, including those provided for the Italian Budget Law 2020 (Law n. 160 of 27 December 2019) since many other aspects of the future UK-EU relationship will also need to be decided.