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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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Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
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- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- The University of Queensland
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- White Energy Company Limited
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Ministry of Mines - Canada
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