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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, 17 October 14
INTERNATIONAL COAL PRICES ARE AT LOWEST LEVEL; COAL STOCKS AT INDIAN POWER PLANTS ARE ALSO AT LOWEST LEVEL
International coal prices as well as coal freights are falling and reaching to its lowest levels. According to PTI, fuel stockpiles at the thermal ...
Friday, 17 October 14
U.S. COAL PRODUCTION UP BY 3.6% WEEK - ON - WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 17 October 14
DRY BULK SHIPPING'S OUTLOOK NOW SHIFTING TO A LESS PROMISING ONE, SHIP PRICES EXPECTED TO FOLLOW SOON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
China’s and other Asian countries’ return to the dry bulk market last week, didn’t trigger the hoped support towards the dry bulk ...
Thursday, 16 October 14
KOREA MIDLAND POWER TO BUY 490K MT OF LCV COAL FOR 1Q 2015
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 490,000 Metric Tons (MT) of LCV (Sub) Bitumino ...
Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
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Showing 3421 to 3425 news of total 6871 |
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- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
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