Cross-border tax complexity stifles growth, according to new report

Cross-border tax complexity cost the UK economy £47.6bn in lost revenue last year - an average revenue loss of 16% on total EU exports - according to new research commissioned by Avalara Inc from the Centre for Economics and Business Research. The report finds the stresses of navigating complex regulations post-Brexit continues to hold back growth for UK exporters and is causing significant anxiety for business leaders.

Many UK businesses remain optimistic for future European growth opportunities with nearly three quarters (72%) of respondents stating they have plans to expand to at least one more EU market.

Yet in practice the weight of compliance burdens and the realities of sweeping EU tax reforms on sales from outside the bloc appear to be affecting these plans. Just under a third of respondents currently exporting to the EU are planning to exit at least one market and 62%...