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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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Tuesday, 28 July 15
INDONESIA DELAYS PLAN TO RAISE COAL ROYALTIES AMID PLUNGING PRICE - JP
The government will postpone a plan to increase royalty payments from coal miners as they are already burdened with the commodity’s plunging ...
Tuesday, 28 July 15
API 5 FOB NEWCASTLE COAL SWAP LOST M-M AND GAINED W-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.15 per MT (-2.51%) month over month to US$ 44.62 per mt. The swap ...
Monday, 27 July 15
KOMIPO INVITES BIDS FOR TOTAL 545,000 MT OF COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase total 545,000 Metric Tons (MT) of coal ...
Monday, 27 July 15
CFR SOUTH CHINA COAL SWAP WEAK M/M; FIRM W/W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.92 (1.77%) per MT month over month.
A commodity swap ...
Sunday, 26 July 15
INDO-INDIA OCEAN COAL FREIGHT RATES REMAIN STEADY
COALspot.com: The freight market continued lost steam towards end of the week and all indices were showing downward trend.
The BDI was up by 3 ...
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- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
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