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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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Thursday, 09 August 18
RIO TINTO COMPLETES SALE OF REMAINING COAL ASSETS
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.
According to a noted post ...
Wednesday, 08 August 18
CHINA DEMANDS PREMIUM IRON ORE, COAL; MINERS MIXED IMPACT - FITCH RATINGS
China’s stricter environmental regulations and structural changes in its steelmaking industry boosts ongoing demand for high-quality iron ore ...
Wednesday, 08 August 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
Singapore's shipyard business has evolved over the decades, from shipbuilding and repairs to rig building. It's now evolving again, to cate ...
Friday, 03 August 18
PHEW! ASIA, EUROPE HEATWAVE PUSHES AUSTRALIA COAL PRICES TO 6-YEAR HIGH: REUTERS
Australian thermal coal prices have hit fresh six-year highs as a heatwave across the northern hemisphere has triggered a spike in demand for coal- ...
Friday, 03 August 18
HBA HAS RISEN 28.41 PER CENT IN A YEAR TO BE AT THEIR HIGHEST LEVELS SINCE JANUARY 2012
COALspot.com: The benchmark price of Indonesian thermal coal has risen 28.41 per cent in a year to be at their highest levels since January 2012.&n ...
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- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
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