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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, 18 April 13
HANDY: STABLE ; PANAMAX: BUSY WEEK - FEARNRESEARCH
Handy
The Atlantic markets remain stable in this week. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 12k. The Pacific market is bit f ...
Thursday, 18 April 13
FEATURE: PREDICTING THE FUTURE - AND THE PAST - BIMCO
It’s not predicting the future that is problematical, it’s the realisation that you have to relive the past again and again when you fai ...
Wednesday, 17 April 13
INDONESIA SHIPPED 80 MILLION TONS OF COAL IN FIRST QUARTER - COAL DIRECTOR
COALspot.com - Indonesia has exported around 80 million tons of coal including power plant coal in first three months of this year.
Speaking on t ...
Tuesday, 16 April 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS JUMPED 20.87 PER CENT ON WEEK TO 3.07 MMT
COALspot.com - Newcastle port in Australia has loaded 3,077,431 tons of thermal and coking coal for week ended 0700 hours 15 April 2013, Newca ...
Monday, 15 April 13
SUB - BIT INDONESIA COAL SWAP SHOWS POSITIVE TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 2.70 percent and CFR South China coal shipment&nbs ...
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- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
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