Preparing your business for Brexit
Now is the time for New Zealand businesses to think about what Brexit could mean for you and your company. If the UK leaves the EU with an agreement, there is likely to be a transition period where the status quo for trade will continue. The UK is scheduled to leave the EU on 31 October 2019 and if no agreement is reached a no-deal Brexit is the default outcome.
New Zealand companies should seriously consider and prepare for the potential of a no-deal outcome. The possible effect of Brexit will be different for each business but preparing now for any scenario will enable companies to be ready to take-action and adapt to any outcome.
On 13 March 2019, the UK Government released their tariff schedule that it will use in the event of a no-deal Brexit. The UK Government updated this schedule on 9 October 2019, however 88% of trade into the UK by value will continue to be eligible for duty free entry. You can find the updated temporary tariff rates here.
New Zealand companies should be reviewing their business operations to identify areas of their company that might be affected by these changes. Exporters who believe their company may be affected are encouraged to seek more information and consider taking-action to mitigate any potential risks.
For more information
Additional information on Brexit can be found on the following New Zealand Government websites, and in the sections below.
- The Ministry of Foreign Affairs and Trade
- New Zealand Customs
- The Ministry for Primary Industries
- NZ Export Credit - The Treasury