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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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Tuesday, 03 October 17
ALLIED MARKET ANALYSIS
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SUPRAMAX: S.CHINA TRIP TO INDIA HAS BEEN FIXED AT AROUND US$ 11000 - FEARNLEYS
Supramax
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Thursday, 28 September 17
THE 'UNREASONABLE' COST OF CASUALTY REPAIRS: ASSOCIATION OF AVERAGE ADJUSTERS CHAIRMAN DETAILS CLAIMS DILEMMAS
KNOWLEDGE TO ELEVATE
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Thursday, 28 September 17
CHINESE GOVERNMENT TO CANCEL DOMESTIC IRON ORE MINING RIGHTS - JEFFREY LANDSBERG
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Showing 1926 to 1930 news of total 6871 |
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- Renaissance Capital - South Africa
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- Maheswari Brothers Coal Limited - India
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- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
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- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
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- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
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- MS Steel International - UAE
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- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
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- Independent Power Producers Association of India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
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- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
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- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
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- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Planning Commission, India
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- Mintek Dendrill Indonesia
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- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
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- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
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- Indian Energy Exchange, India
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- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
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- The University of Queensland
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- PTC India Limited - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
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- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
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- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
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- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
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- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
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- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
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- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
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- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
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- The Treasury - Australian Government
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- Central Electricity Authority - India
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