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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, 15 March 16
ADARO ENERGY LOWERED ITS COAL CASH COST BY 16% TO US$ 27.98 PER TONE IN 2015
Difficult Coal Market Condition Persists in 2015, Adaro Lowers Costs, Reduces Capital Spending and Maintains Solid Liquidity.
PT Adaro E ...
Monday, 14 March 16
THE CS 50 INDEX ROSE $0.16 OR, 0.41% TO $38.82 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.41 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 14 March 16
THE BALTIC EXCHANGE CONTINUED TO ROSE THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rise this week helped by higher rates for pa ...
Saturday, 12 March 16
PLN, COAL COMPANIES IN TALKS ABOUT PRICES - THE JAKARTA POST
Following a study that predicted that Indonesia would struggle to provide coal for its power stations in the near future, the government will facil ...
Friday, 11 March 16
ADANI GLOBAL BAGS 0.26 MILLION TONS OF COAL CONTRACT FROM LANKA COAL COMPANY
COALspot.com: Lanka Coal Company (Private) Limited, Sri Lanka has awarded 260,000 +/- 10% tons of Power plant 6300 GAR calorific value coal to Adan ...
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- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
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