
News
21 Dec, 2020
Brexit update December 2020
Great Britain (“GB”) officially left the European Union (“EU”) on 31 January 2020, and we are now at the end of the transition period. If GB and EU do not reach an agreement with a trade deal before 1 January 2021, GB will become a third country and all companies within EU need to follow the general rules for countries outside of EU when trading with GB. This means that all export from GB and import to GB will basically be governed by the rules of the World Trade Organization (“WTO”). The border between GB and EU will become an operational customs border from 1 January 2021 and it will result in a number of procedural and structural changes such as customs declarations and duty and VAT may have to be paid.