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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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Wednesday, 04 December 13
INDONESIAN COAL EXPORTS VOLUME AND REVENUE IN OCTOBER MARCHED TOWARDS NORTH
COALspot.com: Indonesia, the world's 4th largest coal producer and the largest multi grade coal exporter shipped over $1.76* billion worth of ...
Wednesday, 04 December 13
WEST AUSTRALIA IRON ORE FIXTURES ALSO CONTINUING TO PROVIDE A STEADY FLOW OF BUSINESS FOR CAPES - INTERMODAL
The Dry Bulk market has reversed course this past week, bringing back some of the lost excitement of the past month, as all size segments climbed hi ...
Wednesday, 04 December 13
THE BUYERS' DEMAND IS CONTINUOUSLY BULLISH - KONSTANTINOS KONTOMICHIS
The very low rates that prevailed for the bigger part of 2013 seem to have prepared the ground for buying opportunities for shipping investors. The ...
Wednesday, 04 December 13
SGX AND CFA TO COLLABORATE TO DEVELOP DERIVATIVES MARKETS IN CHINA AND SINGAPORE
Singapore Exchange (SGX) and the China Futures Association (CFA) are cooperating in the development of derivatives markets in China and Singapore.
...
Wednesday, 04 December 13
SGX'S MONTHLY VOLUMES REACHED A RECORD HIGH OF 705,000 MT IN NOVEMBER 2013
COALspot.com: SGX has announced that, it monthly volumes have reached a record high of 705 lots (705,000 mt) in November 2013 with month-end open in ...
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- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
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