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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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Friday, 09 February 18
COAL BUYERS SPOOKED BY INDONESIA'S NEW SHIPPING RULES - ASSOC
Buyers of Indonesian coal are holding back orders of the fuel after the government issued new shipping rules for coal and crude palm oil that would ...
Thursday, 08 February 18
ENHANCED PRODUCTION BY COAL INDIA LIMITED HELPS DECLINE IN COAL IMPORTS - UNION MINISTER OF RAILWAYS AND COAL
According to press release from PIB, as per the current import policy, coal is kept under Open General License (OGL) and consumers are free to impo ...
Thursday, 08 February 18
A NEW WEEK WITH A SOFT SENTIMENT AND DECREASING RATES IN BOTH HEMISPHERE FOR THE PANAMAXES, SAYS FEARNLEYS
Supramax
USG dropping remarkably due to lack of fresh enquiry both for fhaul and bhaul, Supras were fixed from USG to Spore-Japan range now aroun ...
Wednesday, 07 February 18
INDONESIAN COAL PRICE REFERENCE RISES TO HIT THIRTEEN-MONTH HIGH OF $100.69 A TON
COALspot.com: The Indonesian Coal Price Reference (HBA) rose 5.39 per cent in February 2018, the latest ministerial decree showed.
The benchma ...
Wednesday, 07 February 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
Crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m bpd in 2017. However, tanker charter rates have been under pressure ...
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Showing 1811 to 1815 news of total 6871 |
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- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
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