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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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Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
Wednesday, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
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- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Australian Coal Association
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
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