In terms of VAT, several areas are expected to be impacted by the updates to the Protocol, including:
- Freedom for the United Kingdom to decide upon reduced VAT rates within Northern Ireland, for example, on goods to be installed into immovable property (which therefore will not leave Northern Ireland)
- A list of goods which are not at risk of entering the EU, and thus which shall not be subject to EU VAT rules, is expected to be drawn up. The list would be valid for 5 years at a time, and would be subject to periodic review.
- The UK will not be obliged to apply the special EU VAT scheme for small business’, which will come into force on 1st January 2025 and will exempt small business’ from VAT, subject to an EU wide threshold of EUR 100,000 per annum.
Source: meridianglobalservices.com
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