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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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Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
Monday, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
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- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
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