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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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Tuesday, 28 January 14
DRY BULK SHIP OWNERS RETREAT TO OLD 'HABITS', REFUSING TO DEMOLISH OLD VESSELS, THREATENING MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
If one thing is clear as we reflect on the 2013 shipping markets, it's that ship owners took advantage of low prices, in order to acquire newer ton ...
Monday, 27 January 14
MERCATOR SINGAPORE REPORTS 52% INCREASE IN EBITDA FOR Q3 FY 2014 AS COMPARED TO PREVIOUS QUARTER
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company that operates a fleet of fourteen d ...
Monday, 27 January 14
13TH CLEAN COAL FORUM 2014
COALspot.com: (Press Release) - Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12 &13 2014 in Beijing, China. We a ...
Monday, 27 January 14
Q3 & Q4 API 8 CFR SOUTH CHINA COAL SWAPS CONTINUE TO REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swaps for average Q1 14 delivery lost 4.45 percent month on month and closed at US$ 79.05 per mt as on Frid ...
Monday, 27 January 14
Q3 2014 SUB-BIT INDONESIA COAL SWAP LOST GROUND, ENDS AT $60 PMT
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost 2.29% pmt month on month on Friday 24 January 2014. Th ...
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- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Australian Coal Association
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Planning Commission, India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- PTC India Limited - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
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