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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Aditya Birla Group - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
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