The aviation sector and Brexit
24 January 2019
Carol Lynch, Partner, Customs and International Trade Services was recently featured in The Irish Times’ special report on the aviation finance industry.
In the article ‘Global trends in the aviation sector’*, Carol provides her insight on how businesses in the aviation sector will be affected by the reality of Brexit. “Through our work with companies in the wider aviation industry it is clear that Brexit is a major concern for all lessors, airlines, manufacturers and Maintenance and Repair Operations [MROs].”
Discussing how Brexit will change how aviation businesses will operate, Carol explains, “Aircraft manufacturers and MROs purchasing parts from the UK will now need to lodge customs declarations. This will likely require the use of Customs Duty Suspension Procedures, where parts are being imported from the UK for ultimate re-export out of the EU (either back to the UK or on to another non-EU country).”
Carol then concludes, “While there are reliefs available, claiming them will add an additional layer of bureaucracy as well as leaving the potential risk of duties if not imported correctly.”
Do you move goods across Ireland, Northern Ireland and the United Kingdom? If so, then you need to be prepared.
BDO will be running a session every week from now until the end of March so that you can familiarise yourself with the basics of customs and what you need to do to be ready.
Contact [email protected] if you would like to avail of this training.
For more information on how BDO can help you navigate Brexit, visit Prepare for Brexit.
*Article written by Sandra O'Connell, The Irish Times, January 2019.