Displaying items by tag: €125m

7th January 2022

Irish Revenue Collect €215m Customs Duty on UK Post-Brexit Goods

Expanded Dublin-Europe cargo operations at Dublin Port... Trucks' trailers sit parked on the quayside near the European Endeavour (above also captured by AFLOAT) the passenger and ro-ro cargo ship, operated by P&O Ferries at Dublin Port on Friday, March 29, 2019, so writes Independent.ie. AFLOAT also adds in that same year the vessel was sold to Baltic Sea operator Eckerö Line and renamed Finbo Cargo. The ship when built as Midnight Merchant is a sister of Ciudad de Mahon (originally Northern Merchant) which ICG acquired for Irish Ferries and is to used on their Dover-Calais service.

In the Revenue’s annual report it confirms a massive increase in red tape now involved in trade with Britain.

Revenue say they collected €215m of customs duty on imports from Britain last year, even before the full impact of Brexit comes into force. That’s equal to nearly half the €526m total of customs duty collected on goods from all other non-EU markets combined last year.

Before Brexit there was no duty owned on imports from the UK and under the terms of the UK’s EU withdrawal Agreement trade between the Republic and Northern Ireland remains exempt.

The Revenue data shows the growing number of barriers to British firms selling into Ireland since Brexit and helps explain why goods imports into Ireland from the UK as a whole have plummeted by 45pc in the past year, while imports from Northern Ireland doubled.

The full impact of the UK withdrawal is still not being fully felt, in significant part because the Britosh government has continually delayed full implementation of the agreement. For more, Independent.ie has the story.

Published in Ferry

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About Foyle Port

Foyle Port, located in the North West region of Northern Ireland, is estimated to handle around 2 million tonnes of cargo per year, with a trade value of approximately £1 billion. The port plays a crucial role in facilitating the import of essential agri-products, supporting around 20,000 farms in the region, as well as various local business sectors such as fuel/oil and construction industries. The organisation supports an estimated 1000 direct and indirect jobs.

Originally located in the bustling heart of Derry City, the Commissioners relocated the port to its current deep-water location at Lisahally in 1993. The terminal boasts an impressive 440 metres of quay and can accommodate large vessels of up to 62,000 DWT. Foyle Port is primarily a bulk port and a significant importer of essential commodities such as oil, coal, animal feed, fertiliser, and plywood, all of which are vital for the North West rural region.

Since 2003, the organisation has experienced significant growth, doubling both turnover and profit and attracting approximately £100 million of inward investment to the region. This investment has supported projects, including a fertiliser plant, an oil tank farm, and a biomass power station.

Established by Act of Parliament in 1854, the Londonderry Port & Harbour Commissioners is an independent statutory authority with a duty to develop, maintain and operate to the highest standards of efficiency, financial prudence, environmental awareness, safety, and security. The Port is independent of the Government and is self-financing. All financial surpluses are reinvested in the business for the benefit of future generations of stakeholders.