Brexit – the VAT Implications

The current transition period for the Brexit will end on 31 December 2020. This means that the United Kingdom (hereinafter: “the UK”) will then no longer be part of the internal market of the European Union (hereinafter: “the EU”). This will have consequences for the VAT classification of transactions between parties based in the EU and in the UK. We will discuss this further in the whitepaper below, limiting ourselves to the business to business aspects.