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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, 28 February 14
PTBA TO INCREASE ITS COAL TERMINAL'S LOADING CAPACITY TO 25 MILLION TONS PER ANNUM BY JULY 2014
COALspot.com: PT. Bukit Asam (PTBA), the Indonesian government owned coal miner operates several coal mining units in Sumatera as well as in Kaliman ...
Friday, 28 February 14
U.S PRODUCED 1.9% LESS COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 28 February 14
DRY BULK MARKET SLOWLY BUT STEADILY FINDS ITS FOOTING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, hit by the low seasonal demand which is a typical characteristic of the first quarter of each year, is beginning to emerge from ...
Thursday, 27 February 14
PANAMAX : MARKET CONTINUED TO DECLINE IN THE ATLANTIC
Handy
The Atlantic handy/supra market experienced a downward trend this week but not a dramatic one. TA rates are down around USD 800 w-o-w lead b ...
Thursday, 27 February 14
SHIPPING LOANS WORTH $5 BILLION HAVE CHANGED HANDS OVER THE PAST YEAR, AS FUNDS INVEST IN SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and ...
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Showing 3826 to 3830 news of total 6871 |
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- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Sical Logistics Limited - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
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