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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, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
Tuesday, 24 February 15
IHS ENERGY COAL CONFERENCE OF THE AMERICAS
Attend the IHS Energy Coal Conference of the Americas 17-19 March in Cartagena, Colombia and learn about timely concerns in today's coal indust ...
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- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
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