News |

Customs: Brexit could cost Finnish businesses over 100m euros in red tape

Finnish Customs reckons that Brexit could result in over 260,000 new customs declarations every year, which could cost business up to 115 million euros.

Rahtilaiva suomenlahdella.
Brexit could mean increased paper work for Finnish companies who import to the UK. Image: Ismo Pekkarinen / AOP

Finnish Customs says that the increased paper work caused by Brexit could cost Finnish companies as much as 115 million euros annually.

After the United Kingdom exits the European Union, the likely introduction of customs procedures would mean Finnish businesses will have to file 230,000 import declarations and 36,000 export declarations every year, according to an estimate by Finnish Customs.

Some of the imports and exports could also be subject to customs tariffs, depending on the product and the country of origin, the Finnish Customs says. Any tariffs will be determined in the ongoing negotiations between the UK and the EU.

Last year, exports to Britain made up 5 percent of all Finnish exports, while British imports amounted to 3 percent of all imports to Finland. Finland mostly exported forest industry products to the UK and imported machines and devices.  

Latest in: News


Our picks