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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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- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Thiess Contractors Indonesia
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