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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, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
Tuesday, 26 May 15
MINING ASSOCIATION PERHAPI PUSHES FOR 35,000 MEGAWATT ELECTRICITY PROGRAM - JG
The Indonesian Mining Professionals Association, or Perhapi, has announced its support for a 35,000-megawatt national electricity program, saying i ...
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- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
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