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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, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
Wednesday, 07 January 15
FUEL EFFICIENT SHIPS MAKE LESS SENSE IN LOWER BUNKER PRICE MARKET, BUT FUEL COSTS ARE BOUND TO RISE AGAIN
The shipping industry entered 2015 on mixed emotions, as a relatively buoyant tanker market is met by a rather lackluster dry bulk market. Still, a ...
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- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- The University of Queensland
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
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