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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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Thursday, 04 January 18
SUPRAMAX: INDO TO CHINA WERE FIXED AT AROUND $8K DAILY; DOWN AROUND 27% WOW
Supramax
Q1 kicked off with an usual standby with all counterparts waiting for the market to take direction. Further holidays in East-Europe adde ...
Wednesday, 03 January 18
KOMIPO TO BUY 130K TONS OF MIN. 5700 NAR COAL FOR FEB 2018 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130k Metric Tons of min. 5700 NAR coal to be burnt a ...
Friday, 29 December 17
PORT OF NEWCASTLE SHIPPED A$ 1.527 BILLION WORTH OF 12.65 MT OF COAL IN NOVEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1527.6 M ...
Friday, 29 December 17
U.S WEEKLY COAL PRODUCTION SLIGHTLY UP FOR THE WEEK ENDING 23 DEC, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tons ...
Wednesday, 27 December 17
SULPHUR EMISSIONS: THE OUTSTANDING CHALLENGES - UK P&I CLUB
The International Maritime Organization (IMO) has been working to reduce the harmful impacts of shipping on the environment.
It adopted Annex ...
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Showing 1836 to 1840 news of total 6871 |
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- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- The University of Queensland
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Aditya Birla Group - India
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