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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, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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Showing 1606 to 1610 news of total 6871 |
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- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
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