Mr. Niall Cody:

The Chair is talking about vehicle registration tax, VRT, requirements. When cars are brought into the State, there is a requirement to register for VRT within 30 days. We are all aware of the importation of second hand cars into the State. What will change is that in the event of Brexit is that if they are here for over six months they are not liable to VAT but they are liable to VRT. In the event of the UK leaving the EU, they will be liable for VRT, VAT and a customs tariff where tariffs apply and in the event of a no-deal a customs tariff of approximately 20% on a diesel car and 10% on a petrol car would apply. It will significantly impact and change the economics of bringing in a car but unlike other goods, the process of registration gives us a point from which we can apply taxation. Then there are special rules if it is temporary importation or if the owner is moving residence there are some reliefs.