Timothy Lyons QC (39 Essex Chambers) provides some initial analysis of the UK/EU trade and cooperation agreement that will create a new world for customs and tax professionals.
The EU wanted a new partnership. The UK wanted a comprehensive free trade agreement. The compromise is a trade and cooperation agreement (‘TCA’) provisionally in force from 1 January 2021. It creates a new world for everyone including tax and customs professionals. The TCA text its annexes and protocols and annexes to protocols as well as joint political declarations all have to be considered. This article must necessarily be selective.
The TCA will not govern everything. The Withdrawal Agreement continues to apply along with the provisions of the Ireland/Northern Ireland Protocol concerning topics which include VAT customs duty excise duty and state aid. Decisions of the Joint Committee of 17 December 2020 including for example Decision 4/2020...
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Timothy Lyons QC (39 Essex Chambers) provides some initial analysis of the UK/EU trade and cooperation agreement that will create a new world for customs and tax professionals.
The EU wanted a new partnership. The UK wanted a comprehensive free trade agreement. The compromise is a trade and cooperation agreement (‘TCA’) provisionally in force from 1 January 2021. It creates a new world for everyone including tax and customs professionals. The TCA text its annexes and protocols and annexes to protocols as well as joint political declarations all have to be considered. This article must necessarily be selective.
The TCA will not govern everything. The Withdrawal Agreement continues to apply along with the provisions of the Ireland/Northern Ireland Protocol concerning topics which include VAT customs duty excise duty and state aid. Decisions of the Joint Committee of 17 December 2020 including for example Decision 4/2020...
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