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The impact of brexit on cross-border businesses

2019-03-15 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- The impact of brexit on cross-border businesses,供大家参考学习,这篇论文讨论了英国脱欧对跨境企业的影响。目前,英国脱欧的公投结果已对跨境企业的财务管理带来了一系列需要注意的短期现实问题,同时还将产生潜在的长期影响。许多跨境企业已经在努力应对外汇汇率波动的影响,尤其是那些收入计价币种和借款/负债计价币种并不相同的企业。英国脱欧会产生潜在但深远的税务影响。另外,英国脱欧时,出口将面临关税及非关税壁垒,推高英国从欧盟进口商品的价格,并增加英国向欧洲出口商品的实际成本。

brexit,脱欧对跨境企业的影响,essay代写,作业代写,代写

Although the referendum has already decided that Britain will leave the eu, this will not immediately change Britain's relationship with the eu or the rest of the world: under article 50 of the Lisbon treaty, Britain has two years to negotiate the terms of its exit from the eu. But the UK may also seek other brexit processes or other timetables.

There have also been rumours that some policy changes, such as early immigration restrictions, will be accelerated. The vote to leave the European Union and related uncertainties have already triggered immediate reactions in financial markets, and will continue to influence various business decisions until the "path to brexit" is clear.

Enterprises not only need to deal with the immediate impact of brexit, but also need to understand the medium - and long-term impact of brexit on business operations, so as to develop a response plan. When Britain formally leaves the eu, there are about five alternatives to membership.

Britain could consider the Norwegian model of remaining in the European economic area and the European free trade area. Or a series of bilateral agreements with European countries, following the Swiss model; Or follow the Turkish model and join the eu customs union. But we think the UK is unlikely to copy the first three. The fourth and most likely scenario is that the UK attempts to negotiate a comprehensive free trade agreement with the eu. But if that fails, Britain's relationship with Europe will return to the framework set by world trade organisation rules.

The vote to leave the European Union has created a host of short-term realities for corporate governance that will have potential long-term consequences. Many companies are already grappling with the effects of currency fluctuations, especially those that do not have the same currency as their borrowings/liabilities.

Companies with secured currency hedging arrangements could be required to post margin calls to cover their mark-to-market exposure, which could also depleting their existing lines of credit.

In the run-up to the referendum, we had some deals with specific brexit provisions, but this was not the norm. Many businesses end their financial year or half year on June 30, so they need to test their financial commitments on June 30. Enterprises need to verify the benchmark exchange rate of borrowing foreign currency used in the financial commitment test. Companies should consider their short - to medium-term needs. A weaker pound could in turn affect interest rates and the UK's sovereign credit rating, indirectly affecting corporate credit ratings. Market volatility can have an impact on liquidity. The long-term impact will depend on the evolution of regulation of the financial services sector between the eu and the UK.

Brexit has potential but far-reaching tax implications. For many years, business in Britain and continental Europe depended on the free movement of goods and services and the free establishment of commercial entities. These will no longer exist when Britain leaves the European Union. Even if the UK and the eu sign a free trade agreement, we do not expect it to return to its previous level.

So companies may need to start thinking about how much their existing group structures and tax planning depend on eu law. For example, although dividends are subject to withholding tax in almost every other eu member state except the UK, eu law exempts dividends paid by subsidiaries to the parent company. The tax-free status is likely to disappear after brexit. Although Britain has agreements with a number of other eu members to avoid double taxation and reduce the withholding tax rate, few agreements fully exempt withholding tax.

Thus, if the group is based in the UK but has a subsidiary in continental Europe, dividends may be subject to a 10 per cent withholding tax; This is an absolute cost, not just a cash flow cost. Interest and royalties are also subject to withholding tax for some group companies. Groups facing significant additional tax costs may need to consider restructuring or even an "inversion" restructuring to move group headquarters out of the UK.

When the UK leaves the eu, exports will face tariff and non-tariff barriers, which will drive up the price of British imports from the eu and increase the actual cost of British exports to Europe. We expect the UK to try to negotiate and agree concessions with the eu, but these may not be in place before brexit. The eu has 53 trade agreements with non-eu countries, to which the UK is a member. There is no certainty that these trade deals will survive brexit. The UK and the other side may agree to amend the agreement, or have to negotiate a new agreement, or revert back to their rights under the world trade organisation. Negotiations on a trade deal could be protracted.

Companies need to consider the impact of this on their business, consider what a free trade agreement needs to cover from a business perspective, and communicate with their home governments. Businesses can discuss lobbying through groups of industry or trade associations. In addition, groups need to consider restructuring their supply chains and even their group structures to minimise the overall impact of tariffs.

Companies need to consider whether brexit will affect any terms of their contracts, such as those involving illegality, market disruption and material adverse changes.

Businesses need to review whether commercial contracts take into account existing legislation.

A large number of eu citizens are employed in various industries in the UK. Meanwhile, a large number of British citizens are employed in eu member states. Any brexit deal with the eu would need to address the right of such people to remain in employment. In this regard, it is possible to introduce a "no retrospective" system for these workers, allowing them to remain employed. There will also be new arrangements for the movement of people across borders once the UK leaves the eu. Companies need to consider who might be affected within the company. Much of Britain's employment law stems from European Union law, including rules on maternity and paternity leave, the rights of dispatched workers and the protection of employees when business is transferred. If the UK leaves the eu, the laws will remain in force until the government decides to change them.

Eu law provides a framework for many regulatory regimes, such as product standards, licensing frameworks and public procurement rules. Most eu regulations are implemented in the UK by way of corresponding British laws. These eu rules are likely to remain in place in the early stages after brexit, but could change in the long term. Eu laws and regulations that apply directly in Britain will need to be replaced. After the referendum, government departments will need to draw up the necessary legal changes and consult publicly. That could require a significant amount of government resources to distract from the myriad other problems facing businesses and consumers. Companies should consider which regulations are particularly important to their business and whether they are prepared to understand these requests and make recommendations. Companies need to consider whether they can operate in the European market with a UK licence alone. There is no doubt that the financial services sector will be affected, but some other sectors are likely to be as well, such as UK television, which broadcasts from the UK to the eu. In addition, UK companies can now initiate proceedings directly in the courts of other eu member states to enforce their market access rights. And the eu licence system could in future discriminate against British companies.

If a company's business depends on winning public project contracts in other eu member states, it needs to consider whether it will change the way it bids after brexit.

From May 2018, the eu's general data protection regulation will replace the original data protection law, thus reforming the eu's data protection mechanism. Data protection laws could therefore pose a particular challenge: it is not yet clear whether the general data protection ordinance is already in force in the UK before it formally leaves the eu, or whether the government will choose not to apply it. In any case, the GDC will not apply in the UK after the UK formally leaves the eu. So the UK needs to decide whether the Data Protection Act or new data protection laws should still apply. At that point, the commission must decide whether to treat post-brexit Britain as an "appropriate" destination for eu personal data. If the commission's decision is negative and companies need to share personal data between the eu and the UK, compliance measures are needed to continue the transfer. If a company has business in both the UK and the eu, after the UK formally leaves the eu, it will not be able to enjoy the so-called "one-stop" convenience of data protection rules enforcement under the general data protection ordinance, and will be supervised by multiple data protection regulators. On the other hand, after brexit, compared with the data protection mechanism of the eu, it is expected that relevant regulations in the UK will be more relaxed, so British companies can more easily transfer personal data to other regions, making it easier for enterprises to do business in the UK. The "binding company rules" already approved would probably not be affected and would in fact help transfer data from the eu to the UK. But it may need to reconsider the application process that was in progress at the time of brexit.

It is unclear whether, and in what way, the protections currently granted through the eu's single right will remain in the UK after brexit. It would be possible to establish a system whereby certain existing eu single rights could be converted or transformed into national rights without losing priority. But it is unclear what conversion or conversion procedures might be involved and what existing rights might qualify.

The client may need to assess whether it is currently necessary to file a UK IP registration application from a secure perspective, especially for core brands that are currently protected only as eu trademarks. In addition, companies' strategies for registering, renewing and enforcing intellectual property rights should immediately consider the future of brexit. The brexit vote is likely to have a significant impact on the eu's single patent and the eu's unified patent litigation system, at least causing further delays in the implementation of the new system. Current UK national patents and European patents designating the UK as a protected jurisdiction should not be affected by brexit; But if the eu's common patent litigation system comes into effect, the litigation could be affected.

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