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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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Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
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Showing 1796 to 1800 news of total 6871 |
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- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
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