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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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Thursday, 21 June 18
CHINESE REDUCED COAL IMPORT RESTRICTIONS - CAIXIN GLOBAL
Caixin Global reported that the Chinese government has reduced restrictions on coal imports at the nation’s major ports in response to concer ...
Thursday, 21 June 18
INDIAN GOVERNMENT ADMITS COAL SHORTAGE, ASKS DISCOMS TO IMPORT - TIMES OF INDIA
Times of India reported that the power ministry has advised all state governments and private power distribution companies to import coal as Coal I ...
Tuesday, 19 June 18
WCA RESPONDS TO BP STATISTICAL REVIEW OF WORLD ENERGY 2018
Responding to BP’s Statistical Review of World Energy 2018, Benjamin Sporton, Chief Executive of the World Coal Association (WCA) said, &ldqu ...
Wednesday, 13 June 18
U.S. COAL PRODUCTION TO DECLINE BY 2% TO 756 MILLION SHORT TONS MMST IN 2018 - EIA
EIA forecasts U.S. coal production to decline by 2% to 756 million short tons (MMst) in 2018.
According to EIA's Short-Term Ener ...
Wednesday, 13 June 18
SHIPPING MARKET INSIGHT - SOPHIE COTZIAS
2018 marks quite a few milestones for Greek Shipping. No need to detail again the greatness of Greek Shipping or the singular position that Greek s ...
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Showing 1696 to 1700 news of total 6871 |
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- MS Steel International - UAE
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Australian Coal Association
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- The University of Queensland
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
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