On December 24, 2020 the UK and EU announced an agreement for a Trade Deal which governs the economic and trading relationship past the transition period which ended on December 31, 2020. Details can be found here (Accounting for VAT on goods moving between Great Britain and Northern Ireland from 1 January 2021).
Brexit or “British exit” stands for the withdrawal of the UK from the European Union. This impacts all business transactions a company has between the EU and GB and/or Northern Ireland.
PeopleSoft ERP solutions are working to support the new Brexit agreement.
Customers can take initial steps to support the Brexit rules using basic configuration;
Changes to the PeopleSoft VAT and Intrastat rules modules are underway and should be completed by end of February. Please stay tuned for further details on the PeopleSoft support of the Brexit agreement.
Please visit this blog for further updates on Brexit.