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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, 12 September 13
PANAMAX : PACIFIC ROUNDS ARE NOW REPORTED BETWEEN USD 13K AND 15K PER DAY - FEARNRESEARCH
Handy
Nickel ore is a key support SE Asia/Feast rate at the moment; vessel in N.China were fixed around USD 11-12k, ships in mid China can expect a ...
Thursday, 12 September 13
CAPESIZE MARKET WILL BECOME EVEN TIGHTER - JEFFREY LANDSBERG
COALspot.com : While it is no secret that current capesize availability has become tight and has caused capesize rates to surge, availability is set ...
Thursday, 12 September 13
OVER THE WORST? WE MIGHT FIND OUT THIS WEEK - BIMCO
The shipping market has a spring in its step, even as summer draws to a close. There is it seems, confidence that finally, we are emerging into the ...
Thursday, 12 September 13
DRY BULK MARKET RALLY COMES AT A GOOD TIME FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of the dry bulk market has helped offset other lingering factors, which otherwise, could have plunged freight rates to new lows. Fo ...
Wednesday, 11 September 13
ASIA - PACIFIC THERMAL COAL MARKET TO REMAIN OVERSUPPLIED IN NEXT 12 MONTHS - FITCH RATINGS
COALspot.com: Fitch Ratings says the Asia-Pacific thermal coal market will remain oversupplied in the next 12 months because strong production has b ...
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- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
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