What are the tax consequences of Brexit?

15. 2. 2020
The United Kingdom of Great Britain and Northern Ireland definitively forsake the European Union on January 31, 2020. This took place after prolonged negotiations based on the Withdrawal agreement.

What does it actually mean for citizens, businessmen and single market? As laid down in the Withdrawal agreement the year 2020, also called a transitional period, will be proceeded according to current regulations, before the EU and United Kingdom come to an arrangement of future organization of relationships.

From the perspective of the application of value added tax and income tax, the taxation procedure doesn’t change in the transitional period. In this period the EU and Great Britain are discussing the adjustments in the area of taxation and setting of future relationships.

Source: Finanční zpráva, eur-lex.europa.eu