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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, 18 May 18
INDONESIA'S SAMARINDA ANCHORAGE COAL LOADING ACTIVITIES WERE RESUMED YESTERDAY AT 4PM LOCAL TIME
Samarinda Anchorage coal loading activities were resumed yesterday at 4PM local time.
Local fishermen in Samarinda Anchorage have been demonst ...
Wednesday, 16 May 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Half-way through the second quarter of the year and as the Posidonia week approaches everyone is getting ready for this unique gathering that besid ...
Thursday, 10 May 18
PRIVATE POWER PRODUCERS NEED A 'POWERFUL PUSH' - PRADEEP MITTAL
- PLF of the Private Sector in the country (Coal and Lignite based) for FY 2017-18 (till Dec 2017) is 56%.
- 51 GW of stressed assets (Thermal &a ...
Tuesday, 08 May 18
BUMA SIGNED OVER US$1 BILLION WORTH OF NEW CONTRACT WITH PT INDONESIA PRATAMA
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, has entered into mining services contracts with PT Indones ...
Monday, 07 May 18
BENCHMARK PRICE OF INDONESIAN THERMAL COAL DROPPED BACK BELOW $90 A TON THIS MONTH
COALspot.com: According to latest ministerial decree No. 1812 K/30/MEM/2018 dated 3 May 2018, the Indonesian Coal Price Reference (HBA) decline 5.5 ...
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Showing 1721 to 1725 news of total 6871 |
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- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Economic Council, Georgia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
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