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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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Monday, 17 December 12
SHIP PRICES TO BOTTOM OUT IN 2013 SAYS GEORGE D. GOURDOMICHALIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship values especially in older tonnage, or even modern vessels with poor quality are expected to fall further during 2013, with the market as a who ...
Monday, 17 December 12
SYNERGISING WITH PIONEERS TO DEVELOP TOMORROW'S LATIN AMERICAN RAILWAYS
Press Release: Brazil being one of the largest country in South America has one of the most dynamic rail markets in the world. Rail transport in Bra ...
Sunday, 16 December 12
FREIGHT TREND SOFTENED THIS WEEK - VISTAAR
COALspot.com - The freight market further softened this week and closed at 784 points (down by 18.84 pct). The cape index had the biggest fall ...
Friday, 14 December 12
GMR GROUP OF INDIA TO IMPORT 100K MT OF 4800 GAR COAL
COALspot.com: GMR Group of India to invite bids for 100,000 Metric Tons of imported non coking coal to be delivered during January and February 2013 ...
Thursday, 13 December 12
HANDY : WCI-CHINA RATES AROUND $ 6000 AND ECI-CHINA AROUND $ 4000 - FEARNLEYS
Handy
Atlantic market remained unchanged. Rates from USG to Feast were around USD 18k and Black Sea to Feast about USD 10k. USG-Skaw-Passero rates ...
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Showing 4461 to 4465 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Economic Council, Georgia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
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