One of the main consequences of Brexit has been to bring into sharper focus the role customs duties (tariffs) play in international trade.
This is particularly in the context of the potential future imposition of duties on goods moving between Ireland and the United Kingdom (UK) in a post Brexit world.
Many Irish businesses which are European Union (EU) focused only may encounter the customs regime on an ad hoc basis if at all (for example a one off import of goods from outside the EU). This is because the evolution of the EU Customs Union and the single market today allow goods to move freely between EU Member States without the imposition of customs duties or customs filing requirements.
Thus, for many, the impact of Brexit (in whatever form it eventually takes) could bring about a significant change and the requirement to deal with the customs regime and import/export declarations for the first time. A “back to the future” position which existed pre the current Customs Union rules.
In this article, Glenn Reynolds and Fionn Uibh Eachach provide an overview of the current customs regime; how it currently impacts traders importing and exporting goods into and out of the EU and how it might impact in a post Brexit world. They also outline the steps business can take to stay on top of their customs obligations, both current obligations and potential future obligations.
This article is part of a series from our latest TaxWatch newsletter. Click here to read the full article, or browse the range of latest articles on TaxWatch. To register (first time users) or reset your password, please click here.
© 2018 KPMG, an Ireland partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.