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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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Sunday, 01 March 15
BDI INDEX SLIGHTLY UP CAUSED AN INCREASE IN THE PANAMAX, SUPARAMAX AND HANDY SIZE INDICES
COALspot.com: The freight market saw some gains this week and BDI was up 5.26 pct closed at 540 points. However the Cape index failed to follow BDI ...
Friday, 27 February 15
WEEKLY US COAL PRODUCTION DOWN AN ESTIMATED 14.0% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 16.5 million short tons (mmst) of coal ...
Thursday, 26 February 15
DRY BULK MARKET COULD REBOUND FROM HISTORICAL LOWS IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market could exit from its historical lows in the coming weeks, as Chinese buyers reenter the market after the holiday celebrations. T ...
Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first qu ...
Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
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- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Planning Commission, India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
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