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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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Monday, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Parliament of New Zealand
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Australian Coal Association
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- PTC India Limited - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
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