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 its own customs tariffs. The UK has now announced what these tariffs will be.
In case your business or your customer imports goods into the UK, these tariffs will in principle be due on these products. Companies should therefore review what their potential exposure to these tariffs and the related customs duty burden is, especially since there is an increased risk that the negotiations between the EU and the UK for a Free Trade Agreement will not be concluded in time or will even fail.
How can we help?
PwC has developed a tool that can visualize the impact of Brexit on the business of your company based upon Intrastat data. Through this tool we help you visualize and subsequently analyze the possibilities to mitigate the impact of Brexit. Of course, we can also help in analysing the impact on the current product portfolio of the loss of origin status in case UK products or components are used.
To read the full article on our website, please click here.
In case you need any advice on this matter or require our assistance, please contact your regular customs & international trade contact at PwC.