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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 March 16
FREIGHT MARKET MOVING POSITIVE; ALL SEGMENTS EXCEPT CAPE SHOWING A FIRM TREND
COALspot.com: The freight market was steady this past week and showing a firm trend for all segments except for Cape index.
The Baltic Dry Ind ...
Friday, 04 March 16
GLOBAL ECONOMY'S JITTERS ARE SLOWING DOWN SHIPPING EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The global economy’s shaky condition to say the least is now hampering growth and as a result demand for shipping is slowing down, something ...
Friday, 04 March 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 109.3 MMST; 30.2% LOWER THAN THE COMPARABLE YEAR-TO-DATE COAL PRODUCTION IN 2015 - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 million shor ...
Thursday, 03 March 16
INDIA'S BUDGET NOT ENOUGH TO BOOST STEELMAKERS' PROFITABILITY - FITCH RATINGS
COALspot.com: Fitch Ratings says that increase in proposed infrastructure spending in India's latest government budget is unlikely to provide a ...
Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
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Showing 2536 to 2540 news of total 6871 |
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- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Central Electricity Authority - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
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