Brexit Update

Three Month Extension

European leaders have approved UK’s request for a three-month extension for Brexit. Donald Tusk, president of the EU Council, informed that EU27 leaders have agreed to accept UK’s request for a Brexit “flextension” until January 31, 2020; the decision is expected to be formalized through a written procedure.

Britain agreed to hold a landmark general election on December 12

Prime Minister Boris Johnson has attempted to secure the election for months. He is hoping the Conservative Party will win parliamentary majority on the promise of delivering Brexit — but that’s far from certain. If Mr. Johnson’s efforts pay off, he will gain five more years in power. If he loses, he could be the shortest-serving British prime minister since 1827 and the election results could mean Brexit never happens.

The general election provides parties and voters a final chance to forge a path towards a second referendum on the issue of Brexit. But with all that said, Britain could end up back in the same place, with no party winning majority. EuroVAT can advise on how to prepare your VAT strategy for either outcome. Call us if you are a North American company doing business in the UK to discuss all your options.

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Raluca Tutu

  • Practice Leader

Raluca is a certified tax consultant and focuses on VAT, indirect and international tax advice, acting as lead tax counsel on various tax mandates for the company’s clients.

She holds a BA in Finance and Capital Markets from the Academy of Economic Studies in Bucharest and an LLM in International Tax from the Institute for Austrian and International Tax Law of Vienna University of Economics and Business. Raluca regularly publishes and contributes with tax related articles and expert views to various media channels. Raluca is author of the book “Value Added Tax, from Theory to Practice”, Published in December 2012 and she is the exclusive member for Romania of the European VAT Club.