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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, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
Wednesday, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
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- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
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- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
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- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
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