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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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Thursday, 06 July 17
SUPRAMAX: INDO TO INDIA TRIPS WITH DELIVERY THAILAND RANGE IS GIVING OWNERS AROUND MID $8000 - FEARNLEYS
Supramax
Another slow start to the week with somewhat softening rates and few fixtures.
According to Fearnleys Weekly Dry bulk report, the N ...
Thursday, 06 July 17
UNEXPECTED MOVE FROM CHINA BOOSTS COAL PRICES - OIL PRICE
Coal prices have been cooling the last few months — after a spectacular run last year. But news late last week suggests the market is about t ...
Wednesday, 05 July 17
COAL PRICES ROSE IN CHINA, JAPAN AND EUROPE IN 2016 - BP
COALspot.com: Coal prices rose in China, Japan and Europe in 2016 after four years of price declines.
According to bp, the rise in coal prices ...
Wednesday, 05 July 17
TANKER MARKET INSIGHT - KATERINA RESTIS
A war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the st ...
Wednesday, 05 July 17
TROUBLE SEEMS TO BE LOOMING ONCE MORE IN THE STEEL INDUSTRY - GEORGE LAZARIDIS
Trouble seems to be looming once more in the steel industry as US President Trump puts forth his plans for specialist protectionist measures for th ...
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Showing 2011 to 2015 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- White Energy Company Limited
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
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