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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, 08 November 17
COAL MARKETS WERE MIXED; COKING COAL EKING OUT SOME GAINS; THERMAL COAL STRUGGLING - DANIEL HYNES
Coal markets were mixed, with coking coal eking out some gains, while thermal coal struggled amid the falling oil prices, ANZ Strategist said in a ...
Wednesday, 08 November 17
WEEKLY SHIPPING MARKET INSIGHT
If you are a dry bulk owner today you are definitely feeling the pressure of the past couple of years off and given the admittedly unexpected growt ...
Wednesday, 08 November 17
NEW QUAY OPENED AT THE INDUSTRIAL PORT IN BREMEN,GERMAN
Press Release: After a building period lasting three-and-a-half years, the port logistics firm Weserport, the “bremenports” comp ...
Tuesday, 07 November 17
ING JOINS FORCES ON BLOCKCHAIN-BASED PLATFORM FOR ENERGY COMMODITIES SECTOR
Blockchain technology. It’s often been described as the most important invention in computing in a generation.
So it should come as no s ...
Tuesday, 07 November 17
MECHEL SIGNED LONG-TERM COAL SUPPLY CONTRACT WITH ITOCHU CORPORATION
Mechel PAO a leading Russian mining and metals company, reports signing a framework agreement with a major Japanese universal trading company Itoch ...
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Showing 1886 to 1890 news of total 6871 |
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- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
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