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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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Sunday, 25 November 12
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO BE FIRM - VISTAAR
COALspot.com - The freight market was buoyant this week with all sectors up except for the Cape size index. The BDI was up by 5.21 pct closing at 10 ...
Sunday, 25 November 12
INDONESIAN SUB BITUMINOUS COAL SWAP CONTRACTS SLIDE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for February 2013 delivery lost 0.76percent WoW but gained 0.16 percent DoD on Friday ...
Saturday, 24 November 12
DELTA DUNIA MAKMUR PRODUCES 3.2 MILLION TONS OF COAL IN OCTOBER
COALspot.com - PT Delta Dunia Makmur Tbk., has removed 31.1 million bcm* (-4.0% YoY) of Overburden in October 2012 totaled while coal production was ...
Friday, 23 November 12
CHOOSING THE RIGHT TIME TO INVEST IN NEW VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Shipping is all about timing, a process often rising to the height of artform, as ship owners are having to pick the exact moment of selling most of ...
Thursday, 22 November 12
HANDY: INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 12500 - FEARNRESEARCH
Handy
The north Continent is seeing plenty of tonnages but lack of cargoes. TA business are around 11k and fronthaul is around 17k.Tonnages has tig ...
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- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- PTC India Limited - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
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