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UK VAT Rule Changes Related to EU Exit
This notice is intended for NetSuite Accounts that have a United Kingdom (U.K.) subsidiary or a European Union (EU) subsidiary and you installed the International Tax Reports SuiteApp.
What is Changing?
The United Kingdom (U.K.) is slated to exit the European Union (EU) on January 31, 2020 under the Brexit Withdrawal Agreement. However, the U.K. will remain within the EU VAT regime, Single Market and Customs Union during the exit transition period until December 31, 2020. This means that the necessary tax setup features and VAT reporting changes for the UK VAT100 return will be effective on January 1, 2021.
The following guidance is issued by the U.K. government on the changes for VAT rules and implications for goods and services traded between the U.K. and the EU:
Regards,
@Robert Nedelkow-Oracle | NetSuite Support Community Administrator
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