Brexit - the possible effects on taxation

The possible effects of the exit of UK from the European Union on taxation

Yesterday a referendum was held in the United Kingdom to decide whether the UK should remain in the EU, based on the final result of which the supporters of BREXIT won by 52 % to 48 %, therefore the UK is supposed to leave the EU.

PwC Hungary is of the view that the exit of the British from the EU raises lots of taxation related question and issues – such as on the field of VAT, customs, excise duty and social insurance – to be faced by the companies in relation to BREXIT through their business activities. PwC highlights that these questions and issues could be solved based on the Norwegian type and somewhat different Swiss type of economic integration models which operate without participating in a tight European integration.

PwC’s team of experts has engaged in developing strategies regarding the taxation related transition necessary in relation to BREXIT granting the least possible administrative burdens and tax encumbrances for companies.