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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, 15 October 12
IT'S STRICTLY COME CHARTERING - CLARKSON RESEARCH SERVICES
The charter market is a bit of a dance between ship owner and charterer: one leader, one follower; one step, two steps, turn... The dance is symbiot ...
Sunday, 14 October 12
SUB-BIT INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS: SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery lost 0.329 percent w- w but gained 0.248 percent d-d on Friday, 12 Oct ...
Sunday, 14 October 12
SUPRAMAX FREIGHT STEADY: PANAMAX FREIGHTS FIRM - VISTAAR
COALspot.com - The shipping market saw some hectic activity in the Cape and panamax sector and quite a lot of fixtures reported.
The BDI was up b ...
Friday, 12 October 12
HOW REAL IS THE THREAT OF PIRACY? - BIMCO
The threat of modern piracy remains serious, regardless of its seasonal variations and the fact that it is chiefly confined to the Indian Ocean, Gul ...
Friday, 12 October 12
INVESTMENT OPPORTUNITIES OCCUR IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although 2012 has by now evolved into one of the most challenging years for global shipping industry, ship owners are scouting the second hand ship ...
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- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- The University of Queensland
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Interocean Group of Companies - India
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