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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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Thursday, 20 March 14
CAPESIZE: WEST AUSTRALIA TO CHINA RATES HAVE CLIMBED BACK TOWARD USD 11 PMT - FEARNRESEARCH
Handy
From a slight improvement in the Atlantic to a more mixed picture this mid week. North Atlantic rounds showing softening signs whereas S ...
Wednesday, 19 March 14
INSTEAD OF DECIDING WHETHER THE GLASS IS HALF FULL OR HALF EMPTY, I AM CURRENTLY GLAD THERE IS WATER IN THE GLASS - EVA TZIMA
By Eva Tzima
Research Analyst
Intermodal Research & Valuations
Right when you think that you have all your facts straight, right wh ...
Wednesday, 19 March 14
EUROCOKE SUMMIT 2014
Press Release: ThyssenKrupp, Steel Institute VDEh, SSI and more headline Smithers Apex’s Eurocoke Summit
The leading coke, coal and s ...
Wednesday, 19 March 14
DRY BULK MARKET REBOUND LEADS TO MORE NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The steady rise of the dry bulk market, as evidenced by the return, yesterday, of the Baltic Dry Index above the 1,500-point mark (1,518), is fu ...
Tuesday, 18 March 14
SECOND QUARTER SUB-BIT FOB INDONESIA COAL SWAP LOST 3.27% IN A MONTH
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
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- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
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