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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, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
Monday, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
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- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
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