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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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Monday, 24 February 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with slo ...
Monday, 24 February 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR DELIVERY APRIL - JUNE 2014 SLIDES TO $ 58.60 PMT
COALspot.com – Indonesia, the world’s the largest exporter of the thermal coal's swaps for delivery April - June 2014 slide week ended ...
Monday, 24 February 14
Q1 2015 DELIVERY COAL SWAP CLOSED AT 2.62% HIGHER THAN Q2 2014 CLOSING SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.68 percent month on month and closed at US$ 76.20 per mt as on Fr ...
Saturday, 22 February 14
SHIPPING POISED TO RALLY AFTER SEVERAL WEEKS OF DROP
COALspot.com: The freight market was steady to firm with the dry bulk index up by 6.24 pct closing at 1,175 points week on week and the cape index w ...
Saturday, 22 February 14
POTEN RAISES THE QUESTION OF ACCURACY IN CALCULATING TANKER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rat ...
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Showing 3836 to 3840 news of total 6871 |
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- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- PTC India Limited - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
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