From 1 January 2021, the UK, including Northern Ireland, can no longer trade as a member state of the European Union (EU) or European Economic Area (EEA).
The end of the transition period on 31st December 2020 carried with it a number of issues around corporate governance and company law compliance that will impact the following:
For the foreseeable future, the exit of the UK from the single market and Customs Union will have significant logistical, administrative, cost and tax implications for Irish businesses and businesses with Irish operations trading with the UK and for UK businesses trading with Ireland.
Ahead of the end of the Transition period on 31 December 2020 when the United Kingdom will leave the EU’s Single Market and Customs Union, our update highlights key measures announced in the Irish Budget on 13 October relevant to Brexit.
The current Brexit transitional period arrangements will end on 31 December 2020, such that Irish businesses must prepare to trade with the UK as a third country (the UK will no longer operate as part of the EU’s Single market and Customs Union from 1 January 2021).