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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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Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
Monday, 17 September 18
GLENCORE RETURNS TO JAPAN COAL TALKS SCUPPERED BY HIGH PRICES - BLOOMBERG
Mining giant Glencore Plc and Japanese utilities have resumed thermal coal supply negotiations, restarting talks that fell apart earlier this year ...
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Showing 1611 to 1615 news of total 6871 |
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- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- The University of Queensland
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
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