With the UK officially leaving the EU, many businesses came to a shuddering start with their customs compliance in the run-up to 1 January 2021. Brexit was a first voyage into customs compliance for many, and the primary focus in the initial months after Brexit was the continued flow of goods, clearing customs and getting products into the hands of customers, all while navigating the challenges presented by the Covid-19 pandemic. In Ireland, the amount of customs duty collected by Revenue swelled from €273m in 2020 to €520m in 2021, representing a massive 90% increase in irrecoverable costs being absorbed by Irish businesses. Now it can be said that businesses have steadied the customs compliance ship and are steering into the new reality of post-Brexit trade. As the fog clears, many are recognising the potential tax savings achievable with effective and timely customs management.
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