Huge Brexit Costs For Finnish Businesses Predicted

Extra financial burder for Finnish companies trying to do import or export deals with UK after Brexit.

Credit: Pixabay / Creative Commons License

Additional annual costs for Finnish companies doing business with the UK after Brexit could rise to more than €100 million, according to Customs Tulli.

After Brexit, trade with Britain could be subject to similar customs clearance procedures as non-EU countries. According to Customs, Finnish companies would then be required to make more than 230,000 new import declarations and about 36,000 new export declarations.

Customs says that companies will incur additional paperwork costs of at least €12 million to €23 million per year – a number which could rise as high as €115 million extra per year.

Any future tariff levels will be determined by Brexit negotiations currently taking place between the UK and EU.

In 2016, Britain accounted for 5% of Finland’s export market, and 3% of imports. Forestry products are one of the top Finnish exports to the UK.