As of the first of April 2021, stage 2 of the Border Operating Model will start. Goods subject to Sanitary and Phytosanitary controls will have additional requirements put on them when imported into the UK. What does this mean for your business? For the import of these kinds of products as of the first of
During the holidays and after lengthy negotiations, the EU and the UK agreed on a Brexit – deal. As foreseen, on 1 January 2021, the transition period during which the UK was still considered a Member State of the EU and European Economic Area (EEA) has ended. Among a variety of topics, this is
The UK today formally informed the EU that it will not seek any extension of the transition period. Hence the transition period which started on 1 February of this year will come to an end on 31 December 2020. The idea behind the transition period was for both parties to secure a trade agreement and
During the current Brexit transition period, goods can still be shipped tariff free and without import and export formalities from the EU mainland to the UK and vice versa. After the transition period, scheduled for 1 January 2021, EU – UK trade will be subject to import and export formalities and the UK will set
European Commission announces final State aid decision on financing income exemption within the UK’s CFC rules
On 2 April 2019, the European Commission (EC) announced that the Group Financing Exemption (GFE) within the UK Controlled Foreign Company (CFC) rules is “partly justified”. The decision has not yet been published but a brief explanation of the decision can be found via this link.
Yesterday the House of Commons voted on the amendments which will shape the next steps of the Brexit. Members of the Parliament voted the amendment to scrap the most difficult part of the Withdrawal Agreement; being the Irish back stop and send Mrs May back to Brussels for further negotiations. In response to the vote,
The challenge As you may be well aware by now, as from 1 January 2019, e-invoicing becomes mandatory for transactions carried out between taxpayers resident or established for VAT purposes in Italy. This means that as from this date, your IT solution needs to exchange e-invoices in a specified XML format, bidirectionally through the government run Interchange System (so-called
The referendum result on Brexit has not only led to economic and political uncertainty within the UK, but also on mainland Europe. The final impact of Brexit is yet unknown, but will certainly weigh down on our economy, business activity and financial markets. You may find the following PwC Brexit Monitor on the subject matter interesting.