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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, 20 April 14
FREIGHT RATES END WEEK ON WEAK NOTE - VISTAAR
Wish you all Happy Easter.
The freight market continued to its downwards as BDI was fell 7.187 percent to 930 points week on week.
The ...
Friday, 18 April 14
US WEEKLY COAL PRODUCTION DECLINED BY 1% TO 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 17 April 14
DRY BULK MARKET ON RETREAT MODE, WHILE NEWBUILDING ORDERING ACTIVITY STALLS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating this week, a pattern which emerged since late March. Yesterday the BDI (Baltic Dry Index) ended yet a ...
Wednesday, 16 April 14
INDONESIA'S FEBRUARY 2014 COAL EXPORT VOLUME FELL 2.41%
COALspot.com: Indonesia, the world 4th largest coal producer and the global largest multi grade coal exporter shipped around $1.77* billio ...
Wednesday, 16 April 14
Q1 2014 : TERMS OF FREIGHT RATES THE PERFORMANCE IN THE DRY BULK MARKET HAS NOT MET THE HIGH EXPECTATIONS - INTERMODAL
This year the dates for the celebration of Easter will coincide for the Orthodox and the Catholic, so we are already seeing most people in the m ...
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- White Energy Company Limited
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
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