European Commission (EC) information on the implications of Brexit
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European Commission (EC) information on the implications of Brexit
European Commission (EC) information on the implications of Brexit
Wed 14 Feb 2018
The EU has issued further information on the implications of Brexit as noted below.
1. Slides on level playing field
This discusses what is involved in ensuring a level playing field for the future trading relationship between the EU and the UK. On tax the EU wants to see:
- A tax good governance clause
- Requirement on exchange of information and anti-avoidance
- A code of conduct on business taxation
On State Aid, the EU envisages, that anything above the base case of reverting to world trade organisation rules would require robust provisions on State Aid.
2. Slides on international agreements and trade policy
This discusses the principles behind the general agreement on trade in services (GATS), and comprehensive free trade agreements (CETA)
This discusses the potential impact on a range of different sectors, including financial services.
4. EU announcement on draft text for transitional arrangements, published on 7 February.
The announcement comments: “As the UK would remain, in effect, part of the Single Market and the Customs Union (with all four freedoms) until 31 December 2020, the UK will remain bound by EU law and the jurisdiction of the European Court of Justice. Union acquis will continue to apply in full to and in the UK during this period. Any changes made to the acquis during this time are proposed to be automatically applied. It is also proposed that the UK will no longer be represented in Union institutions, agencies, bodies and offices. The draft text will now be discussed amongst the EU27 Member States before being formally transmitted to the United Kingdom.”
There will be a number of tax issues for business to consider as a result of Brexit. For a further discussion of the tax issues relevant for your particular circumstances, please get in touch with a member of the Mazars International Tax team.
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