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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, 14 February 18
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Saturday, 10 February 18
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Showing 1806 to 1810 news of total 6871 |
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- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
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