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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, 26 September 17
REDUCING THE RISK OF LIQUEFACTION - IUMI
KNOWLEDGE TO ELEVATE
Liquefaction is a phenomenon that can take place in granular materials, such as soil or fine ore, where the beh ...
Tuesday, 26 September 17
THE CURRENT HIGHS IN THE DRY BULK FREIGHT MARKET WILL SURELY BE SURPASSED AND BY A CONSIDERABLE MARGIN IN THE NEXT YEAR OR SO - GEORGE LAZARIDIS
The Dry Bulk market con!nues to show a strong face amidst the favorable tail winds being seen, which have helped the Bal!c Dry Index inch above the ...
Monday, 25 September 17
CHOICES FOR SHIPPING AS 2020 APPROACHES? - CLARKSONS
Historically, the fuel of choice for the vast majority of large cargo ships has been heavy fuel oil. But in 2020, sulphur oxide emissions will be c ...
Monday, 25 September 17
THE FREIGHT MARKET ROSE IN ALL SEGMENTS EXCEPT PANAMAX WEEK OVER WEEK
COALspot.com: The freight market rose in all segments except Panamax week over week. Mainly Cape has supported to boosted up BDI this past week, BD ...
Monday, 25 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE FOURTH WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.5 million short ton ...
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Showing 1931 to 1935 news of total 6871 |
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- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Planning Commission, India
- Economic Council, Georgia
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
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