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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, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
Wednesday, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- White Energy Company Limited
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Sical Logistics Limited - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
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