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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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Wednesday, 07 March 18
WHEN AN IRRESISTIBLE FORCE MEETS AN IMMOVABLE OBJECT - GARD
KNOWLEDGE TO ELEVATE
Negotiable bills of lading are fundamental to trade. As documents of title, they are essential to the sale and carriage o ...
Wednesday, 07 March 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The comparably small upside Handysize asset values have noted compared to other sizes since the historical lows of the dry bulk market in combinati ...
Tuesday, 06 March 18
FOREIGN INVESTORS ALLOWED TO BID FOR BIG MINING CONCESSIONS - THE JAKARTA POST
The government has allowed foreign investors to bid for mining concessions with a total area of more than 500 hectares, while smaller areas will be ...
Tuesday, 06 March 18
LNG VESSELS HAVE EMERGED AS THE FASTEST GROWING SEGMENT FOR THE WATERWAY - GERRY LATHROP
The day was July 25th 2016, a partly cloudy day on the Panama canal, and to most people a rather innocuous day without any real merit, however in s ...
Friday, 02 March 18
ANGLO AMERICAN COMPLETES SALE OF ESKOM-TIED THERMAL COAL OPERATIONS IN SOUTH AFRICA
Anglo American plc (“Anglo American”) confirms completion of the sale of its Eskom-tied domestic thermal coal operations in South Afric ...
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Showing 1786 to 1790 news of total 6871 |
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- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- The University of Queensland
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
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