If you have an export/import business in UE and work with UK, this interests you.
The imminent arrival of Brexit can have a significant effect for companies. All the dependencies that maintain relations with the United Kingdom must adapt all their internal procedures regarding the transfer of personal data, customs duties, import and export of goods, licenses and authorizations, among others.
The Prime Minister of UK, Theresa May, confirms that Brexit will materialize on March 29, date when the departure from the United Kingdom of the European Union will become effective.
There are two possibilities in this scenario, the “Brexit Duro”, which would mean a total break with Brussels and to probably get UK out not only from the European Union, but also from the European Common Market and the Customs Union. This could have a negative influence on Spanish companies since the UK is one of the main export markets for Spain.
The other possibility is the “soft Brexit”, which would mean an agreement is reached by approving the plan made by May`s Government. It contemplates a free trade zone between the United Kingdom and the European Union and even establishes that citizens of other countries of the European Union can continue to travel freely to the territory to study or work. This option would favor the English economy without damaging other countries that maintain commercial relations with the United Kingdom.
Brexit will also cause important effects in the customs area and Special Taxes. From this moment, the flows of goods from the United Kingdom will be subject to customs formalities. Therefore, they will have to pass controls, present declarations of imports and exports, duty payments, as well as sanitary and quality certifications.
These measures mean that goods arriving from the United Kingdom will also have to submit an entry summary declaration, notification of arrival, declaration of temporary deposit and customs declaration.
Economic operators will have to identify themselves with a registration and identification number, known as “EORI number”, which is valid throughout the European Union. This number is requested through the Electronic Office of the AEAT.
In the other hand, companies that are within the Peninsula, Balearic or Canary Islands and export or import goods to the United Kingdom will be required to present a declaration in customs.
Brexit will also affect VAT. Exports or shipments to the United Kingdom will be exempt from it, simply by justifying it in the customs declaration. Nevertheless, imports will be subject to VAT and will have a period established for their entry. But hey will have the option of “deferred VAT”, were importers can pay it on their monthly return, as long as they are listed in the Monthly Return Register.
The entrance of the Brexit will also affect the Special Taxes as it is the case of alcoholic beverages, tobacco or coal among others. The customs regulations of the Union will apply as long as there is no agreement.
LABE Abogados has a legal and tax department where you can solve any type of doubt about Brexit. Get in touch with us and we will help you.
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