As we know, the UK and the EU have finally agreed on the terms
of a post-Brexit free trade agreement and following the vote in the
House of Commons, it will enter into force from 1 January
2021.
This long-awaited deal provides all the necessary provisions to
clarify the future trade relationship between the UK and EU.
Vincenzo
Senatore, a partner commented, "whilst we are confident
that this is a huge relief for all of us, the scale and complexity
of the changes that companies still face in the coming weeks and
months will be challenging to manage"
From 1 January, in fact, certain customs procedures will apply
to EU-UK trade relations and, although the free trade agreement
does not provide for the application of customs duties and
'quotas', businesses will have to be prepared for new
customs enforcement applications. This may mean clarifying
responsibilities with its customers and suppliers, finding
appropriate support for customs and VAT relationship management
