Britain’s departure from the European Union will have significant consequences for Ireland’s VAT and indirect tax regimes, the Department of Finance has said.
In a series of pre-budget papers released yesterday, the department identified several implications for the exchequer, including the loss of revenue through increased fraud.
The paper also said that Ireland’s government and businesses would face extra costs because much more paperwork would be needed to satisfy new customs checks.
The report was prepared on the basis that the UK will become a third country when it leaves the EU, putting it outside the bloc’s single market and customs union.
