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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, 05 April 18
INDONESIA TO POSTPONE NEW COAL, PALM OIL SHIPPING RULES TO 2020 - REUTERS
Indonesia will delay until 2020 trade rules requiring exporters of coal and crude palm oil to use only Indonesian-flagged vessels, government offic ...
Tuesday, 03 April 18
MARKET ANALYSIS - GEORGE LAZARIDIS
In the midst of a relatively quiet week for markets, with disruptions being caused by the Christian holidays, it seems as though we find ourselves ...
Monday, 02 April 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT, SAYS VISTAAR
The freight market softening to continue. Thursday, March 29, 2018, the Baltic Dry Index decreased by 42 points, reaching 1080 points.
T ...
Monday, 02 April 18
THIESS TO DELIVER $150M SENAKIN CONTRACT EXTENSION
Thiess has secured a $150 million contract extension to provide mine services at Arutmin’s Senakin coal mine in South Kalimantan, Indonesia.
...
Monday, 02 April 18
THIESS SECURES $240M SATUI EXTENSION
The successful implementation of an innovative mining plan by Thiess at the Satui coal mine in South Kalimantan, has resulted in a $240 million con ...
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- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
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