Hungarian companies should expect changes to the customs and VAT environment due to the United Kingdom’s exit from the European Union on January 31, the EY financial consultancy firm said.
After the transition period ending on 31 December 2020, customs offices may have to deal with up to 255 million cases instead of the current 55 million, EY said. Longer procedural times at border crossings and customs will prolong international deliveries, the statement said. Hungarian firms conducting business with the UK will also have to factor in increased delivery costs and the VAT on imports, EY said.
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