Brexit Still Causing Customs Issues for Some Companies in Ireland, KPMG Says
Brexit-related customs and tax issues in Ireland may continue for some businesses, based on KPMG’s experience during the first six months of the United Kingdom’s official departure from the European Union, the firm said Aug. 17. Companies trading between Ireland and Great Britain are facing increased costs from supply chain delays and customs clearance issues, KPMG said, and also need to be aware of a range of declarations and paperwork needed to benefit from certain trade preferences.
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KPMG specifically pointed to the process for claiming the zero percent preferential duty rate on goods imported from Great Britain, which requires companies to correctly complete a specific import declaration and “retain the relevant documentary evidence” to show the origin. If that evidence isn’t kept, Irish authorities might assess certain tariffs during a post-clearance check, KPMG said. “While many businesses have now adapted to the new trading arrangements,” KPMG said, “it is important to continue to focus on the [value-added tax] and customs compliance requirement to help avoid unfortunate costs and administration.”