close
Share with your friends

Ireland: Possible considerations if “no deal” Brexit

Ireland: Possible considerations if “no deal” Brexit

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.

1000

Related content

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

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal