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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, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
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- Central Electricity Authority - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- White Energy Company Limited
- The Treasury - Australian Government
- Economic Council, Georgia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- The University of Queensland
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
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