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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, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
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- Antam Resourcindo - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Australian Coal Association
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
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