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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, 25 October 15
ANOTHER DISAPPOINTING WEEK FOR PANAMAX; INDEX FELL 5.4 PERCENT W-W
COALspot.com: The BDI was slightly up by 2.65 pct closing at 774 points mainly because of Cape index which was up by 10.85 pct closing at 1461 poin ...
Sunday, 25 October 15
DRY BULK SHIP OWNERS ARE LOOKING TO CHINA'S POLICIES FOR CUES ON FUTURE MARKET DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s hard or softer landing is a thing which has troubled dry bulk shipping for a couple of years now, as owners have been hit by the coun ...
Friday, 23 October 15
WILL INDIAN DOMESTIC COAL PRICES BE ABLE TO COMPETE IMPORTED COAL PRICES IF THE CURRENT TREND CONTINUES?
COALspot.com: The Most of the Indian end-users are waiting for last minute purchase to enjoy every drop in price. Coal procurement managers are als ...
Friday, 23 October 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING OCTOBER 17 DECLINED FOR THE SECOND STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
Wednesday, 21 October 15
RUSSIA'S CARBO ONE COAL SALES TO HIT 50 MLN T/YR - JACQUELINE HOLMES
COALspot.com: Russia's Carbo One has become one of the world's leading physical coal traders with an annual volume approaching 50 million t ...
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- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Planning Commission, India
- GMR Energy Limited - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- White Energy Company Limited
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
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