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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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Friday, 30 March 18
SHIPPING INDUSTRY CONFIDENCE HITS FOUR-YEAR HIGH - MOORE STEPHENS
Shipping Confidence Survey
In February 2018, the average confidence level expressed by respondents was up from 6.2 in November 2017 t ...
Friday, 30 March 18
EXPLAINING POLAND'S COAL PARADOX - FORBES
In the U.S. coal is succumbing to market forces despite the Trump Administration’s push to support the industry. Abundant, cheap and cleaner ...
Friday, 30 March 18
THIESS SECURES $140M MT OWEN INCREASE
Thiess has secured a A$140 million increase to its contract with Glencore for coal mining services at Mt Owen in the Hunter Valley, Australia. Mt O ...
Wednesday, 28 March 18
THIESS WINS $280M WAHANA EXTENSION
Thiess has been awarded a three-year $280 million contract extension at the Wahana coal mine in South Kalimantan, Indonesia.
According to Thie ...
Wednesday, 28 March 18
RIO TINTO TO SELL KESTREL MINE FOR $2.25 BILLION - REUTERS
Rio Tinto sold its remaining coal asset Kestrel in Australia to private equity manager EMR Capital and Indonesia’s Adaro Energy Tbk for $2.25 ...
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- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Planning Commission, India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- The University of Queensland
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
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