Movement Of Goods Services
As part of the Brexit deal, the UK and the EU have agreed to 100% tariff liberalisation. A zero tariff quota deal means that there will be no tariffs or quotas on the movement of goods between the UK and EU countries. Instead, customs documentation is required, and VAT accounting requirements have changed.
The movement of goods has been severely affected by Brexit, with some of the main influencing factors including:
- Import and export of goods to and from EU countries, including associated VAT payments and VAT refund claims
- State support, including grants and block exemptions
- Transport and logistics
- Product safety, consistency and compliance, including packaging and labelling that references EU licensing
- Copyright, trademarks and patents
- Environmental industrial standards, including productions
- Transfer of personal data between the EU and UK that’s covered by GDPR
- Mutual recognition of qualifications and relevant licences (including audit, banking and insurance licences).
Benefits Of Establishing A Branch In Cyprus
Developing a Cyprus branch of your UK-based operation can be hugely beneficial when navigating and circumventing changes that have been implemented, or that have arisen, due to Brexit. If you have a branch in Cyprus, you will be subject to the Cyprus corporate tax rate, which is currently 12.5%. The overseas company, based elsewhere in the world, will be subject to this same tax benefit. Moreover, if management and control of the branch is not in Cyprus, any profits are exempt from taxation here.
There are huge tax benefits to operating from Cyprus – which is why our tax advisory services are so extensive. Any dividends received by a Cypriot holding company are exempt from the corporate income tax and, in most cases, are also exempt from the special defence contribution. This means that your business environment can take advantage of having flexible company law regulations.
There are so many more benefits of having a Cyprus-based branch, especially for the movement of goods sector; if you are interested in finding out more, get in touch with a member of our team today.
EQ:IQ And The UK Movement Of Goods Sector
Many of our services were created with the movement of goods sector in mind. This is because we have an in-depth understanding of the relevant taxation and regulatory bodies. Some of our most recommended services for businesses in this sector include:
- Company and trust formation
- Regulatory support from a well-established and respected regulatory body for financial services
- Banking services
- Audit, accounting and payroll services
- Tax advice and structuring
- Serviced offices and commercial substance
- Access to trained and qualified professionals
