Changes to Great Britain and Northern Ireland Tax Logic to Accommodate Brexit

This notice is intended for customers who have SuiteTax enabled and the SuiteTax Engine installed in your NetSuite accounts and may have an EU or UK tax nexus.

NetSuite is releasing an update that will allow you to comply with taxable transactions made after Brexit on 01 January 2021, including trades between and originating from Northern Ireland.

What is Changing?

The changes in logic to accommodate Brexit are as follows:

Transactions within the UK, and with a Tax Point Date of 01 January 2021 or after, will take into account the Northern Ireland Protocol. This means that for goods only, Northern Ireland (NI) will retain a special, dual status within the EU, UK VAT, the VAT Customs Union, and market for goods only. The movement of goods between NI and GB is considered a domestic transaction, whilst the movement of goods between NI and the EU remains an intra-community transaction. Transactions between the EU and GB are considered as exports or imports.