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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, 07 December 17
SUPRAMAX: CHINA TO INDIA FIXING AT MID US$ 8000 - FEARNLEYS
Supramax
There has been quite some activity in the Atlantic basin this week, rates out of USG are still firm, trips to Emed gone through at low/m ...
Thursday, 07 December 17
THE ROLE OF COAL - AN INCONVENIENT TRUTH - BENJAMIN SPORTON, WCA
At the climate talks in Bonn, a global alliance to phase out coal was launched. This, along with other rhetoric about developments in the energy se ...
Wednesday, 06 December 17
SHIPPING MARKET INSIGHT - VASILIS VASILEIOU
Moving towards the end of 2017, we are facing a relatively slack period of business in the ship repair sector. The repair market has already mature ...
Tuesday, 05 December 17
DOES BITCOIN HAVE A FUTURE IN SHIPPING? - ALIBRA SHIPPING
Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyoncé and Taylor Swift combined. This week, a shipping compa ...
Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The cu ...
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Showing 1856 to 1860 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
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