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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, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
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- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
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