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EU issues advisory for businesses to prepare for Brexit

22
Feb '19
EU issues advisory for businesses to prepare for Brexit
The European Union (EU) recently released an advisory for businesses on how to prepare for a post-Brexit situation. Without a transitional period, as tabled in the Withdrawal Agreement, or a definitive arrangement, trade relations with the United Kingdom will be governed by general World Trade Organisation (WTO) rules, without application of preferences, as of March 30.

This means customs formalities will apply, declarations will have to be lodged and customs authorities may require guarantees for potential or existing customs debts.

Prohibitions or restrictions may also apply to some goods entering the EU from the United Kingdom, which means that import or export licences might be required. Such licences, authorisations for customs simplifications or procedures and Authorised Economic Operator (AEO) authorisations issued by the United Kingdom will no longer be valid in the EU.

EU member states will charge value added tax (VAT) for goods imported from the United Kingdom. Exports to the United Kingdom will be exempt from VAT.

Rules for the declaration and payment of VAT and for cross-border VAT refunds will change.

Movements of goods to the United Kingdom will require an export declaration. Movement of excise goods to the United Kingdom may also require an electronic administrative document (eAD).

The EU advised all businesses to prepare, take all necessary decisions and complete all required administrative actions before March 30 to avoid disruption.

It also issued a Brexit checklist for traders. (DS)

Fibre2Fashion News Desk – India


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