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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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Saturday, 08 September 12
RIO TINTO COMPLETES ACQUISITION OF BHP BILLITON'S INTERESTS IN RICHARDS BAY MINERALS
Rio Tinto has doubled its holding in Richards Bay Minerals (RBM) following the completion of its acquisition of BHP Billiton’s entire inte ...
Friday, 07 September 12
HBA GAINS $ 1.56 PER MT IN SEPTEMBER
COALspot.com - The Indonesian government’s declared coal reference price has gained US$ 1.56 per MT M-o-M. This is the first gain ...
Thursday, 06 September 12
SOME ANCHORED PANAMAX VESSELS WAITING FOR CARGOS TO COME
Handy
According to Fearnleys weekly report, in the smaller segments Fearnleys sees little to no changes since last week. There are still entering s ...
Thursday, 06 September 12
DRY BULK CARRIERS STILL IN HIGH DEMAND AMONG SHIP OWNERS, BUT NEWBUILDING ACTIVITY SLIDES IN AUGUST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The slide of the dry bulk market this year hasn't abated ship owners' appetite for dry bulk carriers, as evidenced by the steady interest expresse ...
Tuesday, 04 September 12
SHIP OWNERS' COMPETITION LEADS TO TANKER FIXTURES BELOW OPERATING COSTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners operating in the VLCC tanker markets are increasingly finding it difficult to obtain even breakeven rates for their vessels, as competit ...
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- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
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