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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, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- GMR Energy Limited - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- The University of Queensland
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
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