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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, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
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