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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, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
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- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
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