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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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Tuesday, 20 January 15
INDONESIAN COAL OUTPUT SEEN RISING, DESPITE FALL IN ITS PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week, but Indonesian Coal Output Seen Rising. T ...
Tuesday, 20 January 15
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY DECLINED 2.83% M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 1.45 per MT (-2.83%) month over month and US$ 0.50 (-0.99%) we ...
Monday, 19 January 15
HBA FALL TO FRESH LOWS; COAL OVERSUPPLY WILL CONTINUE TO PUSH PRICE DOWN
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 63.84. T ...
Monday, 19 January 15
CFR SOUTH CHINA COAL SWAPS REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 3.37 (-5.63%) per MT month over month and US$ 0.74 (-1.29%) ...
Monday, 19 January 15
FOB RICHARDS BAY COAL SWAP FOR Q4 DELIVERY CLOSED 4% LOWER THAN Q1 DELIVERY PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and week over week.
The Q1 swap has f ...
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- Bharathi Cement Corporation - India
- Planning Commission, India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- White Energy Company Limited
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- The University of Queensland
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
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