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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, 10 September 12
DRY BULK MARKET SLOWLY BUT SURELY REACHING CRITICAL STATUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The radical consequences of the shifts in dry bulk demand and prices, especially for the most sought after commodity, concerning the industry, i.e. ...
Monday, 10 September 12
ORPHEUS ENERGY SECURES INDONESIAN COAL TRADING LICENSE
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced today that the Indonesian Ministry of Energy and Mineral Resources h ...
Monday, 10 September 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY / HELLENIC SHIPPING
The European Central Bank left its interest rate unchanged at 0.75% focusing on pushing down borrowing costs in troubled economies, Spain and Italy. ...
Sunday, 09 September 12
H213 SUB-BIT FOB INDONESIA COAL SWAPS ARE TRADING HIGHER
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 0.14 percent W-O-W on 7 September 2012, Friday closing but gained ...
Saturday, 08 September 12
INDO INDIA ROUTE FREIGHT FOR SUPRAMAX REMAINS STRONG - CAPT. REDDY
COALspot.com - The freight market overall remained weak and except for cape index all other sectors were down. The biggest drop was in the Panamax s ...
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- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- The University of Queensland
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
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