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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, 07 November 16
HANDYSIZE: THE ASIAN INDICES RECORDED A GRADUAL DROP EVERY DAY - THE BALTIC BRIEFING
Capesize
A rumour-fuelled market this week but essentially rates a touch firmer and owners cautiously optimistic. The flotilla of vessels heading ...
Monday, 07 November 16
THE SUPRAMAX CHARTER RATES FOR INDONESIA TO INDIA WERE RATING AT AROUND $7500-8000 A DAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 04 November 16
U.S COAL PRODUCTION UP WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Friday, 04 November 16
INDONESIAN INFRASTRUCTURE DEVELOPMENT TRENDS ARE UNANIMOUSLY AFFIRMED
Press Release: October 20-21, 2016 Indonesia Infrastructure Summit (IIC) opened at the Hyatt Hotel in Jakarta The theme of the meeting was "Pr ...
Thursday, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
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Showing 2226 to 2230 news of total 6871 |
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- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Australian Coal Association
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
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