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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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Friday, 05 July 13
THE DRY BULK MARKET IS GOING FROM STRENGTH TO STRENGTH - INTERMODAL
The Capesize sector has been one that has gone through a wild rollercoaster of emotions this past decade, ranging from the exuberance witnessed duri ...
Thursday, 04 July 13
CHALLENGER SIGNS FORMAL EXCLUSIVE MINING AND MARKETING AGREEMENT FOR ABBR PROJECT IN CENTRAL KALIMANTAN
COALspot.com - Challenger Deep Resources Corp., through its subsidiary PT Bestindo Energy has signed the formal exclusive Mining and Marketing agree ...
Thursday, 04 July 13
ASX LISTED QBL TO ACQUIRE INTERESTS IN MOZAMBIQUE COAL EXPLORATION LICENSES
- QBL to acquire interests in two Mozambique exploration licences prospective for coal
- Licenses located in the highly prospective Zambezi basin, ...
Thursday, 04 July 13
HANDY : INDO/CHINA, CHARTERERS RATING AROUND US$ 10,000 - FEARNLEYS AS
Handy
The Feast market firmed slightly up as mid-July cargos entered the market, but charterers seems not in hurry to cover them and looking for ch ...
Wednesday, 03 July 13
NEWCASTLE COAL EXPORTS DIP 24.79 PER CENT WOW
COALspot.com - Newcastle Coal exports fell 24.79% to 2.33 million tons WoW.
Newcastle port in Australia has loaded 2,332,513 tons of coal for the ...
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- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- White Energy Company Limited
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
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