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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, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
Monday, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
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Showing 3026 to 3030 news of total 6871 |
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- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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