Import/Export - pexels

As the UK prepares to exit the EU on 31st December, and the chances of both sides striking a deal become increasingly slim, MaltaPost has published a presentation for how the UK’s changes to its import/export rules are likely to impact your business.

In order to prepare for full border controls on imports from the EU, the UK will introduce three key changes in the tax regime between the two sides.

It will become mandatory to provide electronic customs data, the low value consignment relief will be removed on commercial goods and a new VAT scheme will apply for commercial items valued between £0 and £135.

With regards to buying goods from the UK, from 1st January 2021, the UK will be considered a third-country and therefore, full customs controls will apply when purchasing goods from the region.

Check out MaltaPost’s full presentation here.

Related

Industry ABCs: Electronics in Malta, a high-powered niche

March 26, 2023
by Arnas Lasys

Malta's electronics industry has developed into a global player with major companies having set up shop in the country

FATF publishes recommendations on fighting ransomware-related money laundering

March 25, 2023
by Arnas Lasys

Cryptocurrencies make it increasingly difficult to locate attackers

Delays in EV grant payout leads to headaches for motorists and car dealers

March 24, 2023
by Arnas Lasys

A growing number of EV customers have waited between six to nine months for the payout