TAX ACCOUNTING FOR US COMPANIES IN LIGHT OF BREXIT

摘要

On 29 March 2017, the UK government gave formal notice of its intention to leave the EU, triggering the process of negotiating the UK's exit, which will occur in two years unless the deadline is extended or a withdrawal agreement is negotiated sooner. Various tax reliefs and exemptions that apply to transactions between EU member states under existing tax laws will likely cease to apply to transactions between the UK and EU member states when the UK ultimately withdraws from the EU. It is unclear at this stage if or when any new tax treaties between the UK and the EU or individual EU member states will replace those reliefs and exemptions.