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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, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
Wednesday, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
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- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- VISA Power Limited - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
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