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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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Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
Thursday, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
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- SMG Consultants - Indonesia
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- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
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- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
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- New Zealand Coal & Carbon
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- Dalmia Cement Bharat India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
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- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
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- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
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- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
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- Kumho Petrochemical, South Korea
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- Lanco Infratech Ltd - India
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- Merrill Lynch Commodities Europe
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- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
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- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
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- Energy Link Ltd, New Zealand
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- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
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- Riau Bara Harum - Indonesia
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- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
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- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
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- Sical Logistics Limited - India
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- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
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- GAC Shipping (India) Pvt Ltd
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- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
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- PTC India Limited - India
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- Indian Oil Corporation Limited
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- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
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- Semirara Mining and Power Corporation, Philippines
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- Uttam Galva Steels Limited - India
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- Indonesian Coal Mining Association
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- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
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- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
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- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
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- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
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- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
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- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
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- Kohat Cement Company Ltd. - Pakistan
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- Petron Corporation, Philippines
- Bhatia International Limited - India
- Chamber of Mines of South Africa
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- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
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- Trasteel International SA, Italy
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
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- Australian Coal Association
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