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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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Tuesday, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
Thursday, 21 June 18
ROBUST ASIAN THERMAL COAL DEMAND CREATES OPPORTUNITIES FOR AUSTRALIA - MINERALS COUNCIL OF AUSTRALIA
Minerals Council of Australia reported, Australia’s world-class coal mining industry can create more jobs in Australia and strengthen t ...
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- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
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