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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- The University of Queensland
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
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