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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 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Planning Commission, India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
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