While the UK’s currently scheduled departure date from the European Union is 31 October 2019, it is impossible to predict with any reasonable certainty what outcome will eventually emerge. The possibilities range from “a deal” to an “extended Article 50” agreement to a “no deal” Brexit.
Many Irish businesses are already considering how to prepare for a “no deal” outcome—a prudent approach given the significantly adverse consequences that a business would face in being unprepared for such an outcome. Some of the work being done in preparing for such an outcome could be beneficial, even if a deal is reached or even if deferral occurs. For example, fully understanding the supply chain (for goods, services, and data) and the customs duty procedures and tariffs that may arise will be of benefit in planning for a post-transition trade agreement and in planning for diversification. Reviewing cash flows and working capital may generate improvements in both areas. In addition, communicating with staff who could be affected by changes to their rights to reside and work could be well received by them.
To assist in preparing for the challenges and opportunities that may emerge, the KPMG member firm in Ireland has prepared a series of reports that are available on a dedicated webpage.
Read the September 2019 reports prepared by the KPMG member firm in Ireland
Read a September 2019 report (table format) that outlines customs-related action steps
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