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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, 22 November 12
DRY BULK MARKET RISE, BUT OUTLOOK SEEN DIM ON THE BACK OF RECORD NEW BUILDING DELIVERIES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been under hefty pressure since the start of the year, as a result of record newbuilding deliveries and below-par demand for ...
Wednesday, 21 November 12
LITTLE IMPACT FROM DISSOLUTION OF BP MIGAS ON INDONESIAN OIL & GAS COMPANIES - FITCH
Fitch Ratings has said that the recent court order to abolish the Indonesian upstream oil and gas regulator, BP Migas, has minimal immediate impact ...
Wednesday, 21 November 12
ORPHEUS ENERGY SECURES FIRST COAL OFF TAKE CONTRACT
COALspot.com - Orpheus Energy Limited (ASX:OEG) has announced that it has signed a coal sales contract with an Indonesian steel manufacturing compan ...
Tuesday, 20 November 12
AUSTRALIAN NEWCASTLE PORT HAS LOADED 13.18 PERCENT LESS COAL W-W
COALspot.com - Newcastle port in Australia has loaded 2,691,731 MT of thermal and coking coal for week ended 0700 hours 19 November 2012, Newc ...
Monday, 19 November 12
GOVT PREPARES TO FACE ANOTHER SUIT ON MINING LAW - THE JAKARTA POST
The government is gearing up to face a complaint on the 2009 Mining Law prepared by the same organization that previously brought down upstream oil ...
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- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
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