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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, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
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Showing 1801 to 1805 news of total 6871 |
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- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- The University of Queensland
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
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