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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, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Planning Commission, India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
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