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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, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
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