Tax compliance expert weighs in on hidden opportunities from Brexit

June 28, 2016  |  Compliance, Europe

Andy Hovancik, CEO of global compliance solution Sovos Compliance, helps multinationals like Coca-Cola, Nationwide, Fidelity and 3,000 other clients comply with complex tax regulations like those in the E.U., and he anticipates two key benefits from Britain’s exit:

  • Less resistance to tax reform in the E.U. may make it easier for businesses to do business across the remaining 27 member countries: Earlier this year, the E.U. proposed VAT reform that aimed to simplify compliance and reduce fraud, but the plan was complicated by the U.K.’s demands. This vote may make it easier for the European Union to implement the reform.
  • Economic development opportunities for other English-speaking countries, like Ireland: As companies with operations in Britain seek to maintain a presence in the E.U., they will likely explore relocation and/or expansion opportunities, and English-speaking E.U. countries are likely to benefit.

Interested in discussing these benefits with Andy? Contact him here.


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