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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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Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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Showing 1606 to 1610 news of total 6871 |
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- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- The University of Queensland
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Planning Commission, India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
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