Irish Tax Institute - Customs and Preparing for Brexit Event

On the 10th October 2019, the Taoiseach, Leo Varadkar T.D. and the UK Prime Minister, Boris Johnson M.P. announced that they could see a “pathway to a possible deal” on Brexit. The EU and the UK have agreed to intensify discussions over the coming days in an attempt to agree an orderly withdrawal of the UK from the EU. The outcome of these negotiations is still very uncertain.

In the absence of any transitional arrangement, Revenue intend to operate on the basis that customs procedures apply from “Day 1” - 1 November. In the panel discussion at the Institute’s recent event on Customs and Preparing for Brexit, Celine O’ Neill from Revenue’s Brexit Policy Unit outlined some practical issues for businesses preparing for customs, including: ​

1.  Obtain an Economic Operators Registration and Identification (EORI) number
2. Know the key data you will need for a customs declaration
3. Decide who will submit your customs declarations
4. Identify staff upskilling options
5. Consider your route to market
6. Understand that customs duty is generally payable immediately on import
7. Examine the incoterms in your contracts
8. Consider whether Authorised Economic Operator status is appropriate for your business

Read further details on Revenue’s eight key points

During the event, attendees also heard from customs expert speakers; John O’ Loughlin, Partner and Global Trade & Customs Leader, PwC and Ruud Tusveld, Lecturer in Customs & Trade, Tilburg University. John Madigan, Strategic Banking Corporation of Ireland (SBCI) also addressed attendees on Brexit-related financial supports for business. A recording of the full-day event is available on the Irish Tax Institute website.

​https://taxinstitute.ie/