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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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Saturday, 05 January 13
THE SHIPPING MARKET IN 2012 AND LOOKING FORWARD - BIMCO
Global Economy: Things will go up from here
The global economy continues to grow, albeit at a slower pace than previous years. The slower economic ...
Friday, 04 January 13
DRY BULK MARKET LOOKING FOR DIRECTION IN FIRST TRADING DAYS OF THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is actively looking for its footing at the start of the New Year, as charters have been scarce, as is usually the case during th ...
Thursday, 03 January 13
INDONESIAN SUB-BITUMINOUS COAL SWAPS CLOSED US$ 6.86 HIGHER FOR 2014 DELIVERY
COALspot.com - Swaps prices were changed positively for thermal coal for loading in the first quarter from Indonesia, according to SGX AsiaClear OTC ...
Thursday, 03 January 13
SUPRMAX FREIGHT RATE FROM RED SEA / INDIA IS AROUND MID TEENS - FEARNLEYS
Fearnleys in its weekly report said that, Indian market was very quiet in respect of export of iron ore. For Indo-India trip Supra rate was hovering ...
Thursday, 03 January 13
DRY BULK DEMAND TO KEEP RISING IN 2013, DRY BULK SHIP PRICES TO KEEP FALLING SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In a recent report on the future of the shipping markets, DVB bank said that dry bulk demand is expected to keep on growing in the coming years, mai ...
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- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
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