Hard Brexit may occur within a month

For just another month, the United Kingdom (UK) has a chance to ratify the agreement with the EU. If the agreement does not occur, UK will become a third country for the European Union, and it will no longer be subject to EU law. Companies that have either imported or exported from the UK will again be burdened with customs duties and different tax payments. Also the rules for registration and payment of VAT will be changed; declarations which are required for movement of goods across the UK will have to be submitted for customs clearance; prohibitions and restrictions of goods entering from the UK in the EU may be introduced; authorisations by authorized economic operators in the UK will no longer be valid in the EU, etc. In case of hard Brexit, it also means that the UK will no longer be in the SEPA area, which means payment under the same basic conditions as in the EU; an open transaction account in the UK will be counted as an account opened abroad and not as in the EU; the European Company will cease to exist, as well as the European Payment Order.

Due to all of the above, there may be several disruptions in the operation with the UK, which would prevent companies from doing business as they have been accustomed so far, and therefore for normal business continuation and reduction of damage all such companies should also prepare until 29 March for possibility of hard Brexit.

RELATED POSTS
Recent case law of the Court of Justice of the EU on abuse of dominant position on the market and exclusivity clauses in distribution contracts

Recent case law of the Court of Justice of the EU on abuse of dominant position on the market and exclusivity clauses in distribution contracts

The Court of Justice of the European Union (»CJEU«) has delivered its judgment in a case concerning the abuse of…

Read more
Welcome new Partners!

Welcome new Partners!

Growing stronger! We could not be more excited to announce, that we have started out the New Year strong –…

Read more
CHANGE OF THE LEVEL OF THE PRESCRIBED INTEREST RATE FOR LATE PAYMENT

CHANGE OF THE LEVEL OF THE PRESCRIBED INTEREST RATE FOR LATE PAYMENT

Pursuant to Article 2 (4) of the Act on Interest Rate for Late Payment (“ZPOMZO-1“), the Minister of Finance published…

Read more

Address:

Dalmatinova ulica 2
SI-1000 Ljubljana, Slovenia

Phone:

+386 59 097 400
+386 59 097 410

Email:

info@s-k.law

Social: