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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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Friday, 27 July 12
PACIFIC MARKET REMAINED FLAT - FEARNLEYS AS
Handy
The Atlantic market continued its downward trend from last week with what appears to be a summer lull across the board. A trip from the USG t ...
Wednesday, 25 July 12
BUKIT ASAMS H1 REVENUE JUMPED BY 13 PERCENT
COALspot.com - PT Bukit Asam (Persero), Tbk., the state owned coal miner's revenue in H1 2012, has jumped 13 percent to IDR 5.79 trillion (approxim ...
Wednesday, 25 July 12
BUMI RESOURCES MINERALS SECURED PINJAM PAKAI FOR ITS ZINC AND LEAD PROJECT
COALspot.com - PT Bumi Resources Minerals Tbk. ("BRMS" or "the Company") today reported that its 80% owned subsidiary, PT Dairi ...
Tuesday, 24 July 12
SHIP OWNERS WAITING FOR SHIP PRICES TO FALL FURTHER BEFORE MOVING IN MORE AGGRESSIVELY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the summer season already well under way and many ship owners getting ready for the autumn, the sale & purchasing activity of second hand v ...
Monday, 23 July 12
NTPC INVITES BIDS FOR 2.6 MILLION TONS OF LOW MOISTURE IMPORTED COAL
COALspot.com - India’s largest electricity generator, NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government ...
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- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
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