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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, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
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- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Minerals Council of Australia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Economic Council, Georgia
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