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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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Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
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