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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, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
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Showing 1641 to 1645 news of total 6871 |
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- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- The University of Queensland
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
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