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Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
.jpg) If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, “Brexit means Brexit”, “no-deal Brexit” — day after day, terms related to the UK’s imminent departure from the EU are bandied repeatedly in British media and culture. And there’s so much uncertainty about what the UK’s EU divorce settlement will look like, it’s enough to make even the strongest Leave advocates grow weary.
Nevertheless, the date of the UK’s exit from the EU is fast approaching and failing a dramatic u-turn, as of 23:00 GMT on Friday March 29, 2019, the country will no longer be a member of the multinational trading bloc. With 95% of the UK’s international trade carried through its ports, shipping is an industry that will undeniably be impacted by the ramifications of Brexit. For companies, the uncertainty of how the UK’s trading relations with the EU will appear after the deadline is difficult to contend with.
The UK Government has sought to inform the public as to the implications for the trade in goods between the UK and EU nations of a no-deal Brexit — whereby the UK would leave the EU without agreement. Near the end of August, the UK Government published guidance entitled Trading with the EU if there’s no Brexit deal. The document explains what would happen to customs and excise procedures in the event of a no-deal scenario on March 29, as well as what businesses trading with the EU will need to know.
No-deal customs
According to the guidance, if the UK left the EU on March 29 without an agreement, the free movement of goods between the UK and EU would stop. The document continues by giving three examples of how businesses trading with the EU would be affected. Firstly, companies would have to apply the same customs rules to goods moving between the UK and the EU as those currently applicable to goods moving between the UK and non-EU countries (with customs duty potentially also due on EU imports). Customs declarations would therefore have to be made when products enter or leave the UK. Additionally, separate safety and security declarations would have to be made by the items’ carrier (normally the haulier, airline or shipping line, depending on the transport mode used to import or export them).
Secondly, the EU would put customs and excise rules on goods it gets from the UK in the same way it does for products it gets from outside the EU. This means the EU would require customs declarations on goods coming from or going to the UK, plus safety and security declarations. The third and final example is that for excise goods movements, the Excise Movement Control System (EMCS) would no longer be used to control suspended EU–UK movements. However, EMCS would still control the movement of duty suspended excise goods within the UK (including movements to and from UK ports and airports and the Channel Tunnel). Therefore, immediately upon UK importation, companies moving excise goods within the EU (including in duty suspension) would have to put them into UK excise duty suspension or pay duty.
Import/export info
For companies importing EU goods, a no-deal Brexit would mean following customs procedures the same way they currently do when importing non-EU goods. Thus, for EU goods going into the UK, import declarations would be needed, customs checks might occur and any customs duties would need payment. Before importing EU products, a firm would have to register for a UK Economic Operator Registration and Identification (EORI) number, ensure their contracts and International Terms and Conditions of Service reflect that they are an importer, consider how they would submit import declarations (including whether to use a customs broker, freight forwarder or logistics provider) and decide upon their items’ correct classification and value (and enter this on the customs declaration).
When actually importing EU items, a company would need a valid EORI number and would have to ensure their carrier has submitted an Entry Summary Declaration at the right time, submit an import declaration to HMRC using their software (or get their customs broker, freight forwarder or logistics provider to do so) and pay Value Added Tax (VAT) and import duties, including excise duty on excise goods unless the goods go into duty suspension (import VAT may also be due). When excise goods leave a customs suspensive arrangement, they might immediately gointo an excise duty suspension regime, and a business would have to declare them on EMCS for onward movement via a Registered Consignor. Companies might also have to apply for an import licence or give supporting documentation to import specific kinds of goods into the UK, or comply with the relevant customs import procedure’s conditions.
The UK Government’s stance is that both itself and the EU are seeking a positive deal, and in September, UK Prime Minister Theresa May said she believed that European Council president Donald Tusk had “clarified … there is hope and expectation for a deal on the side of the European Union”. However, she later noted that she had “always said no deal is better than a bad deal”, adding: “I think a bad deal will be a deal, for example, that broke up the United Kingdom.”
For businesses exporting goods to the EU, a no-deal Brexit would mean them following customs procedures like they do currently when exporting goods to a non-EU nation. Similar to the above, before exporting to this destination, they would need to register for an UK EORI number, ensure their contracts and INCOTERMS reflect that they are an exporter and consider how they would submit export declarations (again, including whether to use a customs broker, freight forwarder or logistics provider). When they do export, companies would need to possess a valid EORI number and submit an export declaration to HMRC (or get their customs broker, freight forwarder or logistics provider to do so — additionally, the export declaration may need to be lodged in advance so export permission is given before the goods leave the UK). Firms might also need to apply for an export licence or provide supporting documentation to export specific kinds of goods from the UK, or meet the terms of the relevant customs export procedure. When exporting duty suspended excise goods to the EU, a business would have to keep using EMCS to record the duty suspended movement from a UK warehouse or premises to the port of export.
For carriers, a no-deal scenario would mean them having to make a Safety and Security Declaration for goods moving between the UK and EU. This declaration comes in two forms: an Exit Summary Declaration (EXS) and an Entry Summary Declaration (ENS). A carrier generally needs to send an EXS to the customs authority of the country from which the consignment is being exported. For consignments exported from the UK, this declaration generally forms part of the Export Declaration. Additionally, a carrier must send an ENS to the customs authority of the nation the consignment is entering.
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Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- PTC India Limited - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Planning Commission, India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- The University of Queensland
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
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