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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, 08 August 17
KOMIPO INVITES BIDS FOR 5200 AND 5700 NAR COAL FOR Q4 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 420,000 Metric Tons of Bituminous coal ...
Monday, 07 August 17
INDIA'S THERMAL COAL IMPORTS HAVE FALLEN BY 16% YEAR-ON-YEAR IN THE FIRST FIVE MONTHS OF THIS YEAR
COALspot.com: The second quarter of 2017 was characterized by volatility in the coal market driven by policy measures and weather disruptions say A ...
Monday, 07 August 17
BUMA SIGNED $385 MILLION WORTH OF NEW CONTRACT WITH PT PADA IDI
COALspot.com: PT Delta Dunia Makmur Tbk., has announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into min ...
Monday, 07 August 17
THE SHIPPING INDEXES BOUNCE BACK THIS PAST WEEK
COALspot.com: The Freight market rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ove ...
Friday, 04 August 17
U.S. WEEKLY COAL OUTPUT UP 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 16.1 million short tonn ...
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Showing 1981 to 1985 news of total 6871 |
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- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
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- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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