It has been almost two months since Brexit finally took effect and there was much relief when a deal was reached at the last minute between the United Kingdom and the European Union. Nowhere was the breakthrough more anticipated than in Ireland as nearest neighbour to the UK and sharing the border with Northern Ireland.
From the time the Brexit referendum was decided in 2016, it was clear that the industries most impacted by Brexit were going to be those which relied upon the integrated EU regulatory authorisation regimes which apply to financial and insurance services and businesses reliant on physical supply chains to which customs duties and, perhaps more importantly, customs formalities would apply.
The deal reached, the EU-UK Trade and Co-operation Agreement (TACA), lays down the terms of the future trading relationship. Separately, the Irish Government have also implemented certain changes which mitigate some of the foreseeable challenges to business as a result of the UK’s exit from the EU.
In the first two months there have been a number of trends which have emerged from an Irish customs and VAT perspective. Businesses have had to consider and cope with many changes, some of which were anticipated and others which were not – thereby posing challenges which require consideration and the application of potential solutions.
Source: lexology.com
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