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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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Tuesday, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
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- Planning Commission, India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- PTC India Limited - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
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