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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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Sunday, 22 November 15
INDIA COULD PROVIDE SILVER LINING FOR SHIPPING INDUSTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The rise of India as a global player in the shipping market could be just a couple of years away, as the country has the potential to become a seco ...
Friday, 20 November 15
U.S. COAL PRODUCTION FOR THE WEEK ENDING NOVEMBER '14; NO CHANGE FROM LAST WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.5 million shor ...
Friday, 20 November 15
NO IMPROVEMENT SEEN IN NEAR-TERM COAL DEMAND; SWAPS CLOSE LOWER
COALspot.com: Indonesian coal swap for delivery Q1 2016 declined month on month and flat on week over week. Price of coal seen no improvements this ...
Friday, 20 November 15
CHANGING CRUDE SUPPLY TRENDS MAY HELP EUROPEAN REFINERS - FITCH RATINGS
COALspot.com: Changes in global oil supply trends, including high Russian production, the expected renewal of Iranian heavy crude exports and the p ...
Thursday, 19 November 15
CHINA STEEL PRODUCTION CAPACITY TO PEAK IN 2016 - FITCH RATINGS
COALspot.com: Fitch Ratings today says that China's steel production capacity is likely to peak in 2016, with capacity elimination over the nex ...
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- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Australian Coal Association
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- White Energy Company Limited
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
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