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.”
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