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UK companies facing potential VAT burden post Brexit

  • Ireland
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It was reported on 6 January that UK companies could face a significant VAT burden after Brexit. The Taxation (Cross-Border Trade) Bill is currently being considered by the UK parliament. Discussions on the Bill has increased focus on the fact that UK companies may face severe cash flow difficulties as a result of the fact that that they may be required to pay VAT upfront for the first time on all goods imported from the EU. The UK could face difficulties in seeking to find a workaround for this solution if it is not part of the EU Customs Union after Brexit.

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