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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, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- GMR Energy Limited - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
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