November 1, 2019

Brexit Update

Three Month Extension
European leaders have approved UK's request for a three-month extension for Brexit. Donald Tusk, president of the EU Council, informed that EU27 leaders have agreed to accept UK's request for a Brexit “flextension” until January 31, 2020; the decision is expected to be formalized through a written procedure.

Britain agreed to hold a landmark general election on December 12
Prime Minister Boris Johnson has attempted to secure the election for months. He is hoping the Conservative Party will win parliamentary majority on the promise of delivering Brexit -- but that's far from certain. If Mr. Johnson’s efforts pay off, he will gain five more years in power. If he loses, he could be the shortest-serving British prime minister since 1827 and the election results could mean Brexit never happens.

The general election provides parties and voters a final chance to forge a path towards a second referendum on the issue of Brexit. But with all that said, Britain could end up back in the same place, with no party winning majority. EuroVAT can advise on how to prepare your VAT strategy for either outcome. Call us if you are a North American company doing business in the UK to discuss all your options.


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