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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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Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
Tuesday, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
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- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- The University of Queensland
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Planning Commission, India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
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