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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, 01 September 17
U.S COAL OUTPUT DIPS WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 31 August 17
SUPRAMAX: INDO TO CHINA COAL TRIPS AT AROUND $9000, DELIVERY THAILAND - FEARNLEYS
Supramax
A bit slow start to the week with UK holidays on Monday. Still strong rates for cargoes out of Black Sea, where front hauls where done $ ...
Tuesday, 29 August 17
WEEKLY SHIPPING MARKET ANALYSIS - ALLIED
In the aftermath of Hurricane Harvey, one of the worst disasters to hit Texas, we are now looking to get a clearer picture of the possible disrupti ...
Tuesday, 29 August 17
U.S WEEKLY COAL OUT UP 3.4% WEEK OVER WEEK TO APPROX. 17 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tonne ...
Thursday, 24 August 17
SUPRAMAX: LOW $10K FOR INDO COAL TRIPS TO INDIA; AROUND $10K FOR INDO TO CHINA TRIPS - FEARNLEYS
Supramax
This week Supras from the Black Sea on fhaul have seen numerous orders and improving rates.
53-57k dwt vessels have been fixed at e ...
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Showing 1956 to 1960 news of total 6871 |
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- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
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