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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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Friday, 24 July 15
U.S PRODUCED 17.2 MMST OF COAL FOR THE WEEK ENDED JULY 18; FELL 11.5% YEAR ON YEAR
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.2 million shor ...
Friday, 24 July 15
THE IMPACT OF COLLAPSING CHINESE COAL IMPORTS - CLARKSONS
Global seaborne coal trade is currently projected to drop 1% y-o-y in 2015, which would be the first annual decline in almost three decades. The dr ...
Thursday, 23 July 15
ELEVEN NEW NICKEL SMELTERS ARE TO BE BUILT IN INDONESIA OVER THE NEXT TWO YEARS AT A COST OF $1.4 BILLION
Indonesia’s Most Reputable Nickel Event
Eleven new nickel smelters are to be built in Indonesia over the next two years at a cost of $1. ...
Thursday, 23 July 15
THE CAPESIZE SEGMENT KEPT FOUNDING SUPPORT ON INCREASED DEMAND FROM CHINESE STEEL MILLS - INTERMODAL
The Dry Bulk market closed off on Friday (17July 2015) noting substantial gains and the BDI surpassing the 1,000 points level for the first time af ...
Wednesday, 22 July 15
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS | INTERMODAL
In both bulk shipping sectors, there are certain, yet different, reasons and strategies to invest. In the wet, buy once you can charter-out long, w ...
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- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Australian Coal Association
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Posco Energy - South Korea
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
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