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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, 29 June 18
THE LBH GROUP AND RHENUS PLAN TO ESTABLISH A JOINT COMPANY
Press Release: The port services provider, the LBH Group, and the logistics specialist Rhenus, are planning to cooperate closely in the European in ...
Friday, 29 June 18
SUPRAMAX: INDO / CHINA COAL ROUNDS PAYING AROUND USD HIGH 11000 - FEARNLYS
Capesize
Its been an interesting week with a strong demand for ships out of Brazil, making C3 rates remain around USD 19 pmt said Fearnlys in i ...
Friday, 29 June 18
JAPAN'S TOHOKU ELEC, GLENCORE ABANDON APRIL-MARCH COAL CONTRACT TALKS - REUTERS
Japan’s Tohoku Electric Power Co Inc and Glencore Plc have abandoned talks on annual thermal coal supplies after failing to reach an agreemen ...
Wednesday, 27 June 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
After the abolishment of the trade embargo against Iran, there was a lot of optimism from the country’s side, as after quite some time a numb ...
Tuesday, 26 June 18
"ALWAYS ACCESSIBLE": ARRIVAL, DEPARTURE OR BOTH? - INCE & CO
KNOWLEDGE TO ELEVATE
An “always accessible” berth warranty is often used by an owner to transfer the risk of delays in berthing to ...
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- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- White Energy Company Limited
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
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