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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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Sunday, 17 March 13
A WEAK WEEK FOR SUB-BIT INDONESIA COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 2.11 percent and CFR South China coal shipment ...
Sunday, 17 March 13
COAL FREIGHT RATES STEADY ON HIGHER DEMAND - CAPT. REDDY
COALspot.com - This freight market continued to remain firm in all segments.
The BDI was up by 5.81 pct closing at 892 points. Cape index was up ...
Friday, 15 March 13
CHEAP SHIP VALUATIONS DON'T NECESSARILY MEAN ATTRACTIVE SAYS VESSELS VALUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship prices plunging by double-digits in the past few years, many ship owners are pondering their next moves in a market often described as att ...
Thursday, 14 March 13
SUPRAMAX : INDO - INDIA TRIP RATE IS AROUND $10,000; SOUTH CHINA $9500 - FEARNRESEARCH
Handy
Indian market is still quiet in respect of export of iron ore. WC India market has improved with a few stems out of the MEG, WC India opening ...
Thursday, 14 March 13
DRY BULK MARKET KEEPS ON RISING MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has maintained its rising momentum, on the back of increased cargo availability. According to yesterday's figures, the industry ...
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- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
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