On 31 December 2020 when the UK left the EU VAT regime, Customs Union and Single Market, trade with Great Britain (UK not including NI) became third country trade and goods purchased from Great Britain and brought into Ireland are now treated as imports. These goods are subject to Customs requirements and taxation at the point of importation. To assist businesses to mitigate the associated cashflow impact, postponed accounting arrangements were introduced on 1 January 2021. Postponed accounting is not restricted to trade with Great Britain and may be applied to imports from any third countries.
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