BRUSSELS, April 7 -- European leaders have warned that a no-deal Brexit, while not their wish, is now "very likely", as Britain is still frenziedly seeking an orderly exit days before April 12, the end of the first Brexit extension, and some EU officials have insisted that they are ready for no-deal. Is that true? And what's EU's Brexit preparedness?
The European Commission, the EU's executive, has published 90 Brexit preparedness notices, ranging from aviation safety to customs rules, which advise European citizens, business, and organizations on how to prepare for the withdrawal of the UK, including specific information about a no-deal scenario.
The Commission has also approved over 40 legislative initiatives or legal acts that are either already in force, under negotiation with other EU institutions, or in the process of being implemented.
What happens to EU businesses that trade with the UK?
Without a deal, trade between Britain and the European Union will revert to World Trade Organization (WTO) rules, impacting European businesses trade with the country as customs procedures are reintroduced.
The European Commission is advising businesses in Europe that the movement of goods to the UK will require export declarations, and that movements of excise goods may require additional electronic administrative documents.
According to the Commission, goods entering the EU from the UK will be subject to Value Added Tax (VAT) charges by member states, while goods exported to the UK will be exempt from VAT. The Commission has also warned that rules for the declaration and payment of VAT will change, including for supplies of services, as will the rules for cross-border VAT refunds.
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