Taxation

Challenges caused by Brexit

Brexit will result in major tax-related distortions if adequate legal certainty is not provided in a future partnership between the EU27 and the UK. The most pressing requirements for new regulations in taxation are with respect to value-added tax (VAT) and (corporate) income tax (CIT). With Brexit, the common EU VAT refund system would lose its validity for business between the EU27 and the UK, with direct consequences for VAT claims.