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"Potential implications of Brexit in Customs and Trade" - TRA Annual Meeting 2018

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"Potential implications of Brexit in Customs and Trade" - workshop held by Darren Watson (ISG Tax, UK) at the TRA Annual Meeting 2018 in Athens

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"Potential implications of Brexit in Customs and Trade" - TRA Annual Meeting 2018

  1. 1. Potential implications of Brexit in Customs and Trade
  2. 2. 2 options for the Brexit: • Hard Brexit  UK leaves the Single Market and the EU Customs Union •  The rules applicable to the WTO members would then apply to the UK and UK would have to negociate its WTO commitments in its own right •  UK and the EU will have to deal with new borders and apply new related tariff •  UK and EU will have to treat import from and export to the other party in the same way as the currently treat relations with non EU/EEA/Customs Union States
  3. 3. 2 options for the Brexit: • Hard Brexit  UK leaves the Single Market and the EU Customs Union •  Existing Free Trade Agreement (FTA) will need to be renegociated by the UK on bilateral basis (while the currently exist globaly between the EU and some countries) • Implication for instance on origine rules
  4. 4. 2 options for the Brexit: • Soft Brexit  UK stay in the EU Customs Union  guarantee of free movement of goods with the EU and common external tariffs for goods entering the UK from third countries
  5. 5. Which are the considerations to take into account during the negocations : • A new regulatory framework on customs and global trade will beed to be established in the UK to deal with the movement of goods accross borders and well as cooperation between customs authorities • The UK will have to draft a new Customs Code • The status of Authorised Economic Operator (AEO) issued by the HMRC will become uncertain • The Binding Origin and Classification information, the valuation rulings, inward processing relief authorisations, bonded warehouse authorisations and simplifies procedure will also become uncertain
  6. 6. Which are the considerations to take into account during the negocations : • New borders can create significant burden • In Ireland, inspections point over 250 road crossing the border would need to be installed • Concerning the relation between UK, North Ireland and Ireland, there is a real wish from the UK to find a solution that protects businesses’ ability to access these important mutual markets and avoid hard borders with respect to the movement of goods • Full borders controls and inspections between UK and EU would required the collection of duties and taxes and inspections according to agreed standards and conditions for import
  7. 7. How are the negociations evoluating: • The UK has recently published a paper setting out its "backstop" proposals for customs arrangements with the EU, if a new permanent deal is not ready in time.
  8. 8. How are the negociations evoluating:
  9. 9. How are the negociations evoluating:
  10. 10. How are the negociations evoluating:
  11. 11. How are the negociations evoluating:
  12. 12. How are the negociations evoluating:
  13. 13. Key date to come : • 28-29 June EU summit. This was seen as a deadline by which the UK was expected to produce answers on the UK's customs relationship with the EU and Northern Ireland, but this deadline is now highly unlikely to be met
  14. 14. Conclusion: • Still a lot of incertitude on several point; • From the final decision/evolution of the negociation will depend lots of consequences from a Customs point of view • Wait and see

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