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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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Wednesday, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
Tuesday, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
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Showing 1601 to 1605 news of total 6871 |
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- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
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