British legal firm Baker McKenzie (BKM) last year hosted a conference on Britain’s plans for Brexit, focusing on issues which include Value Added Tax (VAT) and what changes the system will undergo after Britain leaves the EU. The impact on supply chains, customs and import and the mitigation of that impact, as well as prospects for trade and opportunities that may arise, were discussed. Applying ambiguous VAT law and court judgements is a confusing area which BKM has managed to simplify. VAT impact is one of the biggest changes to European Customs regulations in two decades, and the risks, chances of recovering import VAT and exemptions for cross-border suppliers – especially chain transactions – was tackled. In taking the lead on such a controversial and complex area, Baker McKenzie has shown the sort of initiative which BV’s judging panel seeks out. The result is the presentation of the Best VAT Legal Team (UK) Award.
