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Brexit

Information on taxes, customs and financial services

On 29 March 2017, the United Kingdom notified its intention to leave the EU. In order to be prepared for the exit from the EU and to make it as smooth as possible, the EU and the UK have negotiated a “Withdrawal Agreement” and a political declaration on the future relationship. 

The United Kingdom should have left the EU at the end of March 2019. In the absence of the UK Parliament's approval of the Withdrawal Agreement and after several postponements of the withdrawal, the negotiations between the EU and the United Kingdom were resumed and led to a revision of the Withdrawal Agreement and the political declaration on the future relationship.

The regulated Brexit based on the new Withdrawal agreement took place on 1 February, after which negotiations on the future relationship between the EU and the UK were launched. The aim is to conclude these by the end of 2020.

Orderly Withdrawal from the EU / Deal

If the British Parliament approves the Withdrawal Agreement, the United Kingdom would essentially be treated as an EU Member State during the “transition period” until the end of 2020. With regard to the field of competences of the Federal Ministry of Finance of Austria (BMF), no significant changes for citizens or companies are thus to be expected for the time being.  

Subsequently, the entry into force of an agreement on the future relationship is planned by 1 January 2021. If no a such agreement can be found, the transition period could be extended by up to two years, the so-called “backstop solution” or an alternative arrangement for avoidance of a “hard” border between Ireland and Northern Ireland could be applied.

Further information

The Withdrawal Agreement and the political declaration are available at the Website of the European Commission. In addition, the European Commission has launched a website with relevant Brexit information, such as legislative initiatives to prepare for a disorderly Brexit and fact sheets on topics affected by the Brexit .

The Federal Ministry of Finance has compiled information on the subject for the following areas: