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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, 28 August 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING AUGUST 22 ROSE FOR THE THIRD STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.5 million shor ...
Friday, 28 August 15
BANPU STRENGTHENS GROWTH PLAN
Coal Business: Asia-Pacific Synergies Increase Competitiveness for Premium Export Market.
Banpu Public Company Limited (BANPU) strengthens its ...
Thursday, 27 August 15
RATES FOR CAPES REMAINED ON A FREE FALL LAST WEEK - INTERMODAL
COALspot.com: Keeping everyone on their toes with the volatility seen in August, the Dry Bulk market undoubtedly remains a steady provider of chall ...
Wednesday, 26 August 15
MARKET INSIGHT - STRATOS TINIAKOS
It’s always interesting to comment on the market when big economies around the world are facing troubling times. Following the collapse of th ...
Wednesday, 26 August 15
2Q'16 FOB INDONESIA COAL SWAP FALLS NEARLY 4.76 PER CENT M-O-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap was declined $ 2.20 (-5.13%) p ...
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- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
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