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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, 12 February 16
COAL PRICES ARE EXPECTED TO DECLINE 13% IN 2016 TO $50 ATON, ON CONTINUED WEAK DEMAND AND OVERSUPPLY - WORLD BANK
COALspot.com: Thermal coal prices fell 9 percent in the fourth quarter on continued weak demand, high stocks, and surplus production, World Bank sa ...
Friday, 12 February 16
U.S. COAL PRODUCTION OFF 5.4% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.9 million shor ...
Thursday, 11 February 16
GLOBAL NEWBUILDING ORDERBOOK IS SHRINKING ON A DAILY BASIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2016 has started right where 2015 left off when it comes to newbuilding ordering activity, i.e. there are slim pickings to be had from shipyards ar ...
Wednesday, 10 February 16
SOUTH AFRICA IS HOPING TO SHIP MORE COAL TO INDIA IN 2016
COALspot.com: South Africa is hoping to boost coal exports to India after shipping a record 75.4 million tonnes of coal in 2015, industry officials ...
Wednesday, 10 February 16
OWNERS APPEAR WILLING TO DISPOSE OF TONNAGE THE SOONEST IT HITS THE 10 YEAR MARK - TIMOS PAPADIMITRIOU
COALspot.com: The last two months of 2015 made a case for traditional shipowners to invest in the dry bulk sector, doing so though based purely on ...
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- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
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