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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, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
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- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Planning Commission, India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- VISA Power Limited - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
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