What do you think will be the biggest impact of Brexit for your company?
For us, the Brexit will mean that there will be changes in the various tax
laws and trade regulations relevant to companies doing business
internationally. We will monitor very closely any new developments as they
may be relevant to our clients, and we will advise them on the anticipated
impact on the way they conduct their business.
This will be relevant not only to companies that are already active in the European market but also for companies setting up new activities in Europe. Advising clients on the tax law changes is the core of our business. As such we expect that in relation to Brexit companies will be looking for their advisors to guide them through the changes that will occur. Being part of an international network, KPMG, we are well positioned to do so.
What do you think will be the biggest impact of Brexit for your clients?
The biggest impact will be in international trade. Currently there is an EU Single Market for goods and services, and related customs duties and VAT regulations. If the UK is no longer a part of the EU, all trade to and from an EU country and the UK will suddenly become relevant and visible for customs and VAT purposes, as import and export transactions. This will bring about many changes in related compliance and filing obligations and may lead to higher tariffs on certain goods and services. Currently integrated supply chain processes will need to be reconfigured to deal with these changes.