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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, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
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Showing 1616 to 1620 news of total 6871 |
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- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Planning Commission, India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Australian Coal Association
- MS Steel International - UAE
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
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