Director of Indirect Tax and Customs at KPMG UK, Olivier Sorgniard discusses the no deal tariff schedule announced today.
Discussing the no deal tariff schedule announced today, Olivier Sorgniard, Director of Indirect Tax and Customs at KPMG UK said:
“This is a dramatic move to potentially open up trade into the UK from all WTO members. It means the UK adopting the model that Singapore introduced some years ago. This is the opposite of the protectionism we’re seeing take root elsewhere in the world.
“There is a lot of confusion over what this announcement might mean to business and consumers. Both importers and exporters are unsure about how the announcement applies and its geographical reach. To be clear it only applies to goods coming into the UK but from any destination worldwide, not only from the EU.
“Some might interpret this announcement as a warning to the EU. However so far we’ve seen a mixed response from EU business with many EU traders rubbing their hands with glee at the prospect of them being able to continue to sell into the UK without friction, with UK traders unable to reciprocate.”
About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.