Brexit – the end of the transition period on 01/01/2021

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

See also Recap – Brexit: Trade and Cooperation Agreement between the European Union and the UK – This is what you need to know!!!