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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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Thursday, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hope ...
Wednesday, 16 September 15
SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES LED A DECLINE IN INDONESIAN COAL PRODUCTION
COALspot.com: Slower growth in world coal demand particularly China and lower international coal prices have led to a decline in Indonesian coal pr ...
Wednesday, 16 September 15
HIGHER TAXES COULD LEAD GREEK SHIP OWNERS OUT OF THE COUNTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
A potential taxation overhaul of the shipping industry in Hellas, which could see the loss of particular tax benefits for ship owners, could lead t ...
Tuesday, 15 September 15
WORLD SEABORNE TRADE: ENTERING INTO A ROLE REVERSAL? - CLARKSONS
Over the past decade, world seaborne trade growth has been dominated by dry bulk and container trade. However, developments in the global economy t ...
Tuesday, 15 September 15
Q2'16 RICHARDS BAY COAL SWAPS DIP TO $ 51.10 PER TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
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- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
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