UK Will Reduce Customs Duties After Brexit

UK Will Reduce Customs Duties After Brexit

Britain has announced plans to impose customs duties on many products after Brexit. According to the statement of the Ministry of International Trade dated May 19; As of January 1, 2021, products such as Christmas trees, dishwashers and freezers will not pay customs tax when entering the UK. In addition, the statement stated that within the scope of the plan, a tax of £ 30 billion ($ 36.6 billion) will be removed in the supply chain imports, such as copper alloy tubes and bolts. The application of the "global tariff" of Britain has an important place in the economic policy due to the fact that the EU will replace the existing common foreign tariff when leaving the European Union (EU). In addition, in the statement made by the UK, it is stated that within the framework of this plan, 60 percent of the trade will not be taxed. Currently, this rate stands at 47 percent. In addition, it was stated that the automotive and agriculture sectors will be protected in global trade except Europe.