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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, 23 March 14
THE COAL FREIGHT RATES SEEN SLIGHTLY FIRMING UP THIS WEEK - REDDY
COALspot.com: The freight market firmed up this week. BDI was up 8.26 pct week on week and index was closed at 1599 points. The Cape index was u ...
Saturday, 22 March 14
SHIP OWNERS INVEST $15 BILLION FOR NEWBUILDINGS AND SECONDHAND VESSELS DURING FEBRUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have kept on their aggressive stance in the investment scene both for newbuildings, as well as for secondhand vessels globally durin ...
Friday, 21 March 14
DRY BULK MARKET STAYS ON RECOVERY MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has reached new year heighs, as a result of renewed Capesize demand. The Baltic Dry Index (BDI) ended yesterday's sessio ...
Friday, 21 March 14
US COAL PRODUCTION UP 1.5%; WEST MISSISSIPPI COAL PRODUCTION DOWN 1.85% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
Friday, 21 March 14
MERCURIA ANNOUNCES ACQUISITION OF J.P. MORGAN PHYSICAL COMMODITIES BUSINESS
COALspot.com: Mercuria Energy Group announced that it has reached a definitive agreement with J.P. Morgan Chase & Co. to acquire its physica ...
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- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Petron Corporation, Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- The University of Queensland
- GMR Energy Limited - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
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