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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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Monday, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
Friday, 09 March 18
THE WORLD CANNOT KEEP IGNORING THE ASIAN COAL STORY - BENJAMIN SPORTON
There were significant changes in the global energy system in 2017, including the growth in electric vehicles, the rise of renewables and the conti ...
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Showing 1776 to 1780 news of total 6871 |
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- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Australian Coal Association
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- White Energy Company Limited
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
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