Six weeks to agree Brexit deal
Political deadlock, centred around the UK being required to sign up to EU rules in exchange for tariff free access, means that a no-deal is becoming likely.
With the EU now formally accepting that the UK will not seek an extension to the transition that allows Britain continued access to the EU single market while talks continue, and with sticking points on both sides, one thing is clear: Brexit talks will be under intense scrutiny over the coming months.
Many commentators insist that an extension to the transitional period is the common-sense approach due to the global health crisis – but this appears to now be off the table following the latest crunch talks, after which the EU accepted the UK will leave the bloc at the end of the transition period on 31 December.
Elsewhere, German officials have been reported as saying that EU leaders will intervene in Autumn in order to strike a compromise deal.
Until then, getting to grips with customs and international trade issues is vital in preparing for the new normal in 2021. Once VAT and duty-free intra-EU trading arrangements disappear there will be new ways of trading.
In this information sheet we outline the following key issues:
- Commodity codes
- Duty Deferment Account
- Authorised Economic Operator (AEO)
- Customs Duty Regimes
- Customs Comprehensive Guarantee (CCG)
- Origin of goods
- Export licences
- Customs brokers/freight agents
- EU VAT registration
This article was first published on www.macintyrehudson.co.uk on 5 June 2020 and has been republished with the authors’ permission.