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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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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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- ASAPP Information Group - India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- PTC India Limited - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
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