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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, 02 May 14
DRY BULK MARKET SHOWING SIGNS OF COMEBACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market which has been hovering below the 1,000-point market (BDI) during the past couple of weeks, could be exhibiting signs of a s ...
Thursday, 01 May 14
INDONESIA EXPORT BAN POINTS TO QUESTIONS OVER CHINA'S LONG-TERM BAUXITE SUPPLY - WOOD MACKENZIE
China’s Bauxite demand forecast to reach 240 million tonnes by 2030
In light of the Indonesian mineral ore ban that came into force o ...
Thursday, 01 May 14
DRY BULK MARKET STILL REELING UNDER PRESSURE FROM VARIOUS FACTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's revival is still overdue, as the industry's benchmark, the BDI is still lagging below the 1,000-point mark. In fac ...
Wednesday, 30 April 14
FREIGHT MARKET FOR DRY BULKERS STILL REMAINS WEAK - INTERMODAL
One week after the Easter holiday and the celebration for the resurrection of Christ, everybody expected to see a similar sign of a revival in t ...
Tuesday, 29 April 14
Q4 SUB-BIT INDONESIA COAL SWAP CLOSED US$ 1.07 HIGHER COMPARED TO Q2 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
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Showing 3726 to 3730 news of total 6871 |
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- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- PTC India Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Planning Commission, India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
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