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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Australian Coal Association
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
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