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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, 16 April 15
INDIA: COAL IMPORTS RISE BY 33 PC TO 240 MT IN FY'15 - PTI
India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes.
“Coal import have gone up ...
Thursday, 16 April 15
CAPESIZE: THE SUPPLY AND DEMAND SIDE ARE NOW SUFFERING HEAVILY - FEARNLEYS
Handy
It seems to be some standoff between owners and charterers in both hemispheres this week. Owners are raising their rates while charterers a ...
Thursday, 16 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.67 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month.
The Q2 swap has declined US$ 1.90 (3.17%) m ...
Wednesday, 15 April 15
PORT OF NEWCASTLE SHIPPED 13.63 MMT OF COAL IN MARCH; UP 4.41% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.227 billi ...
Tuesday, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
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- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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