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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, 14 March 13
SHIPPERS AND CARRIERS NEED GREATER COMMUNICATION AND MUTUAL UNDERSTANDING
Press Release – Shippers and shipping lines both need to raise their game if global container supply chains are not to be habitually subject t ...
Wednesday, 13 March 13
NEWBUILDING PRICES EXHIBIT NO FALL IN PAST SIX MONTHS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the fact that oversupply has been the key plague of the shipping markets in recent years and newbuilding ordering activity has receded subst ...
Tuesday, 12 March 13
COAL MINING PRIVATIZATION IN INDIA: MUST - SUNIL K KUMBHAT
COALspot.com - India has the one of the richest coal reserves in the world and the country should have shown significant progress and gained the pos ...
Tuesday, 12 March 13
NEWCASTLE PORT SHIPPED 2.47 MILLION TONS OF COAL W/E 11 MARCH 2013
COALspot.com - Newcastle port in Australia has loaded 2,471,080 MT of thermal and coking coal for week ended 0700 hours 11 March 2013, Newcast ...
Monday, 11 March 13
SUB-BIT FOB INDONESIA COAL SWAPS FELL 1.41 PERCENT W-W
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 1.41percent and CFR South China coal shipment ...
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- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Parliament of New Zealand
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
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