- As the huge impact of both UK and EU is obvious because the UK has been part of the EU for decades. The Brexit referendum is surely going to impact different areas of the economy in the UK and EU. Taxation is one of the major parts of the economy which is going to be crucially influenced after Brexit. It was easy for the UK to exchange goods and services with other EU member states without any heavy taxation. The initial impacts have already shown how much it is going to be influential. The impacts discussed below shows how much taxation policies will be affected:
- Intrastate movement of goods to and from the UK can be abolished.
- The EC Sales Lists for sales from the UK to the other EU states can also be changed.
- New import and export rules for supplies between the UK and the remaining EU countries can be changed which is going to impact so much.
- The distance selling scales will no longer be applied for a small value of exports to remaining EU countries from the UK.
The impact is going to be huge because of the decades of affiliation between the UK and the EU.