Summary
- EU-UK ” Trade and Cooperation Agreement ” has been agreed between UK and EU on Dec 24, 2020
- It will still be necessary to complete the customs formalities related to the crossing of the EU-UK border.
- Taking advantage of the zero duty rates will require the fulfillment and documentation of the customs origin of the imported goods.
- It will also be necessary to settle taxes related to import (VAT and sometimes excise duties).
- The new agreement still requires approval in accordance with the relevant procedures in both the UK and the EU.
- However, from 01/01/2021 to 28/02/2021, a “provisional” period was introduced.
Source Deloitte
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