Brexit meeting - tax implications
29 March 2019. A Brexit with „no deal” is fast approaching. What’s next?
Mazars invites you on 21 March starting with 09:30, to a seminar dedicated to the preparation for the impact that Brexit may have on your business
We will discuss the main issues which may be triggered in case of a „no-deal” Brexit.
When and where: 21 March 2019, Mazars Romania office
09:00 -09:30: Welcome guests
09:30-11:00: Discussion on Brexit implications
Sign up at: firstname.lastname@example.org
What might happen starting with 30 March 2018?
• Intra-Community transactions performed with UK will be regarded as customs operations (i.e. imports and exports); Thus, Romanian VAT and/or customs duties will be due in customs for import of goods, which will trigger additional costs for importers;
• VAT treatment for certain services supplied towards clients established in UK may change (i.e. the rules for establishing the place of supply will change);
• Rules for cross-border VAT refunds will change (from both the perspective of the VAT invoiced in Romania towards UK clients and the perspective of the VAT invoiced in UK towards Romanian companies);
• Amendments to the VAT registration procedure of UK companies.
What should the Romanian companies do?
• Identify the transactions that may be impacted (check the partners from UK, the movement of goods through UK);
• Keep track of the goods in transit;
• Assess the additional costs and identify customs/VAT simplifications which may reduce such costs;
• Train the internal staff, update the IT systems (if the case);
• Submit VAT refunds in advance for the VAT paid in 2018.