Indirect taxes, duties and processing

Brexit tax considerations for businesses in Belgium and the EU

Brexit may pose issues across various areas for businesses operating in and trading between the UK and the EU. Many of the actions companies take to mitigate Brexit related risks may trigger tax consequences.

Indirect taxes, duties and processing are a Brexit issue which could have an impact on businesses operating in Belgium and the EU.

Brexit Readiness Solutions

Customs | Export Controls | VAT

Business challenges

Reporting and compliance procedures will change
  • Reporting on goods movements, such as intrastat report may no longer be applicable, and businesses will instead need to submit import/export declarations.
  • Changes may be required to customer and vendor master data.
Customs and Tax systems will need updating to facilitate border clearance and for tax determination
  • Businesses may need new systems and interfaces to receive, store and manage the necessary data for customs clearance, e.g. classification, product values and tracking of origin.
  • Tax codes, simplified triangulation, exemptions and reverse charge tax rate codes will require review and updating.

Tax focus areas

  • Potential duty and administration impact
  • Impact on potential VAT registrations and cashflows
  • Use of mitigation strategies such as Authorised Economic Operator status or customs warehouses
  • Systems and process readiness, e.g. for processing import/export transactions with the UK and new VAT flows

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