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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, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Economic Council, Georgia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- The University of Queensland
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
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