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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, 29 November 12
BUMI TO PRODUCE 100 MILLION TONS OF COAL BY 2014
COALspot.com - Expansions on both BUMI’ s subsidiaries, PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia ( Arutmin) , are ...
Thursday, 29 November 12
PANAMAX : A FAIRLY STEADY MARKET WITH USD 8.5-9K/DAY FOR 2 LADEN LEGS IN ATLANTIC - FEARNLEYS
Handy
The Atlantic market continues to remain quiet due to more supply of ships. Rates from USG to Far East were around USD 18k and Black Sea to Fa ...
Thursday, 29 November 12
DRY BULK MARKET SLIGHTLY HIGHER DESPITE LULL ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market was marginally higher yesterday, according to the industry's benchmark, the Baltic Dry Index (BDI), which rose by 7 points to 1 ...
Wednesday, 28 November 12
NEWBUILDING ORDERING PICKS UP AS SHIP OWNERS LOOK TO CLOSE DEALS BEFORE THE END OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are active once again in the newbuilding ordering market, as they look to clinch deals ahead of the end of the year. Once again their fo ...
Tuesday, 27 November 12
NEWCASTLE PORT HAS SHIPPED 1.79 MILLION TONS OF COAL W/E 26 NOVEMBER
COALspot.com - Newcastle port in Australia has loaded 1,793,841 MT of thermal and coking coal for week ended 0700 hours 26 November 2012, Newc ...
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- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
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