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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, 15 June 14
COAL FREIGHT RATES FALL FURTHER ON LACK OF DEMANDS - CAPT. REDDY
COALspot.com: The BDI softened this week as all segments fell this week. The Panamax sector being most affected. The Cape index was down 3.51 pct w ...
Friday, 13 June 14
US COAL PRODUCTION FELL 3% IN WEEK THAT ENDED JUNE 7, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 13 June 14
DRY BULK MARKET KEEPS ON FALLING, DESPITE RESPITE OF THE CAPESIZE SECTOR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on its lacklustre performance overall, with the Baltic Dry Index (BDI) still hovering below the 1,000 point mark. Yest ...
Thursday, 12 June 14
INDONESIA SETS HBA FOR MONTH OF JUNE AT US$ 73.64
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised up first time in last four months the coal bench mark price. ...
Thursday, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
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- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
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