VATupdate

Brexit in 2022—What’s Next for VAT and Customs?

Jan. 31, 2022 will mark the anniversary of the end of the Brexit withdrawal period and the U.K.’s exit from the EU. The last 12 months have resulted in some significant upheaval, particularly for organizations trading in goods—which is the focus of this article—with changed value-added tax (VAT) and customs duty compliance obligations arising for many businesses.

From an indirect tax perspective, businesses have had to adapt to new import and export processes, handling customs duty obligations, the loss of EU VAT simplifications, and new requirements in order to move goods between Great Britain and Northern Ireland.

Source Bloombergtax

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