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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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Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- The University of Queensland
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
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