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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, 21 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- MS Steel International - UAE
- Interocean Group of Companies - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- The University of Queensland
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Mjunction Services Limited - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
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