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Complex Ramifications Expected for EU VAT Processes in the wake of Brexit

The full impact of Brexit on European VAT will soon be seen. Taxback International forecasts the coming implications.

Kilkenny, Ireland – WEBWIRE

Brexit news is inundating news feeds around the world but the primary concern of international businesses is what it means for the future. Modes of conducting business between the EU and the UK will shift, certainly, but to what degree? Years of experience in VAT solutions gives Taxback International the insight needed to anticipate the possible consequences of Brexit in regard to European VAT processes.

Regardless of the details of Brexit, it will have a ripple effect in VAT reclaim processing, upping the amount of time and work it will take to process VAT reclaims between the UK and EU. The EU VAT Refund Mechanism will no longer cover the UK, there will be no guarantee that thresholds for registration and rates of VAT in the UK and EU will be in alignment and simply scanning receipts will most likely no longer be an option. Individually, these changes would be a hassle to manage and taken together they will mean a mountain of additional work for companies. It may seem an unsurmountable task to make ready for the changes Brexit will bring but Taxback International Senior VAT Manager, Lisa Dowling says:

ďOf course there will be many changes and new regulations will have to be taken into account but itís nothing we canít handle. This is what we do at Taxback International. We tailor solutions to meet the exact needs of our clients and manage the entire process from start to finish.Ē

Taxback International combines innovative technology, deep industry expertise and value added partnerships to deliver comprehensive VAT solutions that maximise your VAT reclaim and minimise your risks, so you can focus on growing your business.

Taxback International is a member of The Taxback Group, a collection of global companies that deliver focus driven, digitalised solutions to simplify the complexity of global business.The entrepreneurial spirit which characterized its inception in Ireland has continued to shape the products and services which they create. Taxback International recognises that one size doesnít fit all and strive to create bespoke services that exactly meet the needs of a diverse client base.

VAT is complex.† Taxback International makes it simple.

Get in touch with our Taxback International team of VAT experts for more information on how VAT may be impacted after Brexit.

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