European Commissioner for Economic and Financial Affairs, Pierre Moscovici (pictured), stated on Wednesday that the increasingly likely scenario in which the United Kingdom leaves the European Union without a deal on April 12 would bring considerable changes in the area of customs and taxation, including the return of customs control on UK goods and the application of European customs code.
Moscovici also pointed out that as a result of a potential no-deal Brexit, companies doing business with the UK in the internal market would have to complete customs formalities. In addition, customs duties, VAT and excise duties will be imposed on all goods imported from the UK and paid by importers. Regarding the movement of people, goods and baggage carried by passengers from the UK to the EU would also be placed under restrictions.
The EU Commission and the EU-27 did not want Brexit in 2016 and we certainly do not want to see a no-deal Brexit in 2019. Or at all, for that matter. And we still hope this can be avoided. But we are ready to face this challenge," Moscovici tweeted.
