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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 September 15
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE HBA METHODOLOGY
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) in process to revise Indonesian Coal Price Reference (HBA) and expected to complete b ...
Thursday, 03 September 15
THE CHINESE STOCK MARKET AND THE CHINESE ECONOMY CONTINUE TO SUBSTANTIALLY AFFECT TRADING - INTERMODAL
The last week of the summer season saw the BDI dipping further on the back of another significant drop in rates for Capes, which brought the market ...
Wednesday, 02 September 15
PORT OF NEWCASTLE SHIPPED 13.46 MMT OF COAL IN JULY; UP 0.66 PER CENT M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.224 billi ...
Wednesday, 02 September 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
In the beginning of the summer period SnP activity was firm with numerous buyers, coming mainly from Greece and the Far East, inspecting ships and ...
Tuesday, 01 September 15
FOB INDONESIA COAL SWAPS FURTHER SLIDE TO US$ 40.62 PMT; DECLINE 5.34 PERCENT M-O-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and slightly dropped week over week.
The 4Q swap was declined ...
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- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- VISA Power Limited - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
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