During the transition period, there will be no impact on customs or taxes. However, even if the European Union and the United Kingdom conclude a very ambitious partnership by the end of 2020, covering all the areas agreed in the Political Declaration, the withdrawal of the United Kingdom from 1 January 2021 will have serious consequences for public administrations, businesses and citizens. These changes are inevitable and stakeholders need to be prepared. To this end, the Commission shall review and update the more than 100 sectoral stakeholder preparation opinions published during the Article 50 negotiations with the United Kingdom. The scope of these formalities will depend on a possible free trade agreement. The agreement also provides for a transitional period, which lasts until 31 December 2020 and can be extended once by mutual agreement. During the transition period, EU law will continue to apply to the UK (including participation in the European Economic Area, the Single Market and the Customs Union), and the UK will continue to contribute to the EU budget, but the UK will not be represented in EU decision-making bodies. .