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British Firms Call For Tax Certainty Ahead Of Brexit

by Jason Gorringe, Tax-News.com, London

02 March 2017

The UK Government should clarify to what extent UK value-added tax rules will change post-Brexit and allocate resources to support businesses during the transition, the British Chambers of Commerce (BCC) has said.

In a report titled Business Brexit Priorities, the BCC recommended that the Government should aim to minimize trade tariffs, seek to avoid costly non-tariff barriers, grandfather existing EU free trade agreements with third countries, and expand the trade mission program.

The report also said that the Government should ensure regulatory stability by incorporating existing EU regulations into UK law and maintaining these for a minimum period following Brexit.

Separately, the BCC said that the Government must avoid any return to a hard border between the Republic of Ireland and Northern Ireland so that businesses can move people and goods as freely as possible.

"Most firms care little about the exact process for triggering Article 50, but they care a lot about an unexpected VAT hit to their cash flow, sudden changes to regulation, the inability to recruit the right people for the job, or if their products are stopped by customs authorities at the border," said Adam Marshall, Director General of the BCC.

TAGS: compliance | business | Ireland | VAT legislation | VAT cross-border transactions | law | tariffs | United Kingdom | agreements | legislation | regulation | trade | VAT compliance matters

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