Managing partner for Tax at Deloitte UK responds to the EU Referendum result
24 June 2016
Matt Ellis, managing partner for Tax at Deloitte UK, said: “The UK has opted for a future outside the EU, but Britain remains a competitive, innovative and highly-skilled economy and an attractive place for business. A key factor is our highly competitive tax system, which we will no doubt retain and seek to enhance. The international tax agenda is set at the G20 and OECD where the UK's role and voice will be unaltered.
“Considering whether some form of business restructuring might be needed to preserve market access will be high on the agenda for some multinationals - especially in financial services. Additionally, multinationals will need to assess which parts of their current tax strategy benefit from one of the EU reliefs, or the EU's VAT or Duties system, so as to plan for future adjustment. As a minimum, there could be process changes affecting the supply chain. Any commercial change of this magnitude has tax implications, and it’s vital that commercial decision-makers take tax into account.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.