The month of December started and the end of, again, a turbulent year 2021 is approaching. It is a good time to start looking back at what 2021 brought for Indirect Tax.
In a number of series, we will look back at the main global changes, trands, developments, risks and opportunities.
The year 2021 started with the Brexit, the UK stepping out of the European Union. From an Indirect Tax pov, this definitely brought a lot challenges for businesses to stay compliant and their ability to continue the business with the UK.
Here are the main topics discussed on Brexit:
Trade and Co-operation Agreement between the EU and the UK
- Recap – Brexit: Trade and Cooperation Agreement between the European Union and the UK – This is what you need to know!!!
- European Commission – DG Trade: Slide deck on ”The EU-UK Trade Agreement explained”
The 5 Key documents on Brexit
- #1 EU-UK Withdrawal agreement
- #2 EU Notice to Stakeholders – EU rules in the field of VAT for goods
- #3 The Border Operating Model
- #4 Accounting for VAT on goods moving between Great Britain and Northern Ireland
- #5 Protocol on Ireland and Northern Ireland
Impact of Brexit as of day 1
- Overview of VAT Consequences
- Many European countries issued VAT and Customs guidelines on Brexit – An overview
- Do I need a VAT fiscal representative after Brexit? – EU – In which countries do non-established entities have to appoint a fiscal representative?
- Post-Brexit E-Commerce: a new era of challenges
- Requirements for UK Companies Trading in the EU
- EU VAT Committee – Brexit and Call-Off stocks
- UK loses B2B triangulation VAT simplification with Brexit
- Special Status of Northern Ireland
- SAP release notes on Northern Ireland topic
What’s next?
- As of Jan 1, 2022, the complete customs declaration will be required
- Full border controls for trade between the EU and UK from Jan. 1, 2022
- Changes for imports of food products from EU to UK
- From 2022, movements between Great Britain (England, Scotland and Wales) and the EU no longer be covered by Intrastat
- Changes to Intrastat from 1 January 2022 – Intrastat threshold notification and new requirements for dispatches
And there is much more to find on www.vatupdate.com … click HERE
