After the decision to leave the European Union, the United Kingdom and the EU have agreed on a transition period, which will last until 31 December 2020.
The end of such period will have major consequences for European businesses trading with the UK. For instance, tax and customs procedures will change. Therefore, small businesses and all stakeholders involved need to get ready.
What are the next steps?
The Taxation and Customs Union Directorate-General (DG TAXUD) just launched a campaign targeting European businesses and SMEs to raise awareness about the need to address the changes imposed by Brexit.
The aim of the campaign is to support companies and traders with useful information and encourage them to understand the actions they need to take before the end of 2020.
To help European businesses navigate successfully in this transition period and ease the potential disruption, DG TAXUD has compiled a series of helpful documents including:
- Guide on Tax & Customs Requirements for Businesses
- Brexit Checklist for Traders
If you need additional information, read all about it on TAXUD’s latest article.