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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, 27 October 17
U.S WEEKLY COAL PRODUCTION FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.9 million short tons ...
Thursday, 26 October 17
CYBER COVER FOR E-BILLS - PHILIP STEPHENSON
KNOWLEDGE TO ELEVATE
Increasingly popular electronic bills of lading are, by their nature, susceptible to the risk of cyber attack. Here, Stan ...
Thursday, 26 October 17
INDO TO CHINA ROUNDS SUPRAS ACHIEVING AROUND HIGH $14000 - FEARNLEYS
Supramax
By mid-week the market has been relatively quiet in the Pacific basin as well, but still some healthy rates being achieved on the differ ...
Thursday, 26 October 17
STRONG SIGNAL FOR AUSTRALIAN COAL DEMAND - GREG EVANS
The International Energy Agency’s Southeast Asia Energy Outlook report, released today, presents a positive outlook for Australian coal produ ...
Wednesday, 25 October 17
COAL MARKETS REMAINED SUBDUED - DANIEL HYNES
Coal markets remained subdued.
Daniel Hynes, Senior Commodity Strategist at ANZ, Coking coal prices were unchanged amid an absence of fresh of ...
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Showing 1901 to 1905 news of total 6871 |
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- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
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