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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, 29 December 12
SHIPBREAKING YARDS IN INDIA DEMOLISH A TOTAL OF 527 VESSELS IN 2012, BREAKING ALL PREVIOUS RECORDS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
India's ship demolition experts of Star Matrix contemplated this week on the issue of why ships in the range of 1,000 and up to 6,500 liquid tons ( ...
Thursday, 27 December 12
A LOOK AT WORLD TRADE PATTERNS DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
While China's leaders are likely to stick with the 2012 economic growth rate of 7.5% when they chart a course for 2013 - its weakest pace since 199 ...
Thursday, 27 December 12
INDONESIA SHIPPED 33.578* MMT COAL IN NOVEMBER
COALspot.com: Indonesia, the world largest multi grade coal exporter has shipped 33.578* million tons of coal in November 2012. thi ...
Wednesday, 26 December 12
UPDATE ON EXPORT BAN ON RAW MINERALS AND ORE - RITA SUSANTO
COALspot.com - In May 2012, the Minister of Energy and Mineral Resources (“MoEMR”) in Regulation No.7 (“Reg-7”, amended by R ...
Wednesday, 26 December 12
SHIP OWNERS WRAP UP NEWBUILDING DEALS PRIOR TO YEAR END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the year inches closer and closer to its end, many ship owners are looking to close deals for newbuilding vessels they have been negotiating duri ...
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- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- The University of Queensland
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
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