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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, 01 May 18
GLOBAL MINER PEABODY EYES SALES OPPORTUNITY IN INDIA’S RISING COAL IMPORTS - BUSINESS STANDARD
Indian imports of coal will continue to rise, reckons the world’s largest private sector coal miner Peabody Energy. Glenn Kellow, president a ...
Saturday, 28 April 18
STRONG ASIAN DEMAND CONTINUES TO HOLD UP THERMAL COAL MARKETS - REUTERS
Asian thermal coal demand is defying its typical seasonal slowdown as well as the expanding use of renewables and natural gas, with prices holding ...
Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing a ...
Thursday, 26 April 18
BALTIC EXCHANGE LAUNCHES ESCROW SERVICE FOR VESSEL SALES
The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exc ...
Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
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- Economic Council, Georgia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- London Commodity Brokers - England
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