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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, 07 November 13
HANDY : INDO/CHINA ROUNDS ARE SEEING BIDS AT AROUND $16K
Handy
In the Atlantic we have seen more activity this week with several fixtures being concluded at firm rates. USG/Feast been reported at 30k and ...
Wednesday, 06 November 13
THE BIGGER SIZE SEGMENTS LOST GROUND WHILE SUPRAS AND HANDIES HELD ON TO THEIR GAINS - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable- )
A mirror image of the week prior for the Dry Bulk market, as once more the bigger size segments los ...
Wednesday, 06 November 13
WILL NEW ORDERS DRIVE THE MARKET DOWN AGAIN ONCE DELIVERIES COMMENCE
"While there are many concerns on whether the new orders will drive the market down again once deliveries commence, the second half of 2013 has ...
Tuesday, 05 November 13
AUSTRALIA'S NEWCASTLE PORT SEES DROP IN COAL EXPORTS W-W
COALspot.com: In the week ended November 4, Power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.77 m ...
Monday, 04 November 13
API 8 CFR S.CHINA COAL SWAP FOR Q3' 2014 DELIVERY CLOSED 3.65% HIGHER COMPARED TO Q1' 2014 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.24 percept W-W on Friday 1 November 2013. The CFR South China Co ...
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Showing 4026 to 4030 news of total 6871 |
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- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- VISA Power Limited - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
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