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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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Wednesday, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk m ...
Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable t ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
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Showing 2611 to 2615 news of total 6871 |
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- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
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