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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, 29 November 17
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
In line with most expectations for the end of this month, during the past days the Dry Bulk market realized a significant rebound that sent the BDI ...
Tuesday, 28 November 17
THE DRY BULK MARKET HAS SHOWN A REMARKABLE RECOVERY THIS YEAR - GEORGE LAZARIDIS
The Dry Bulk market has shown a remarkable recovery this year with the average earnings having increased by around 63% this year so far compared to ...
Friday, 24 November 17
U.S. PRODUCED 14.9 MMST FOR THE WEEK ENDING NOV 18; UP 0.9% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 23 November 17
PANAMAX: ANOTHER SLOW AND UNEVENTFUL WEEK; DECREASING FREIGHT RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
A quiet start to the week. USG closed last week a bit tighter, and continued into the new week on a positive tone with little concluded, ...
Wednesday, 22 November 17
THERMAL COAL WAS FLAT AMID CONCERNS OF FURTHER GOVERNMENT INTERVENTION IN CHINA, SAYS DANIEL HYNES
Coal prices were mixed. Thermal coal was flat amid concerns of further government intervention in China, said Daniel Hynes Senior Commodity Strateg ...
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Showing 1866 to 1870 news of total 6871 |
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- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
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