Canada: Preparing for UK “Brexit,” VAT and customs changes

Canada: Preparing for UK “Brexit"

Canadian companies doing business with the UK may need to consider the potential impact of the UK’s withdrawal from the European Union (EU), also known as “Brexit.” Now that the UK has given official notice that it intends to leave the EU, negotiations are set to begin on key issues including value added tax (VAT), customs duties and the possible costs and cash flow implications.

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Background

The UK on 29 March 2017 officially notified the European Council of its intention to leave the EU by triggering Article 50 of the Lisbon Treaty. This development starts the clock for two years of Brexit negotiations to consider the terms of exiting the EU. Until then, the UK remains an EU member and is bound by EU laws and treaties.

 

Read a March 2017 report [PDF 56 KB] prepared by the KPMG member firm in Canada

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