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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, 01 January 15
FOB RICHARDS BAY COAL SWAPS CLOSED AT $63.47 PMT ON 26 DEC, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.37 (-4. ...
Wednesday, 31 December 14
COASTAL ENERGEN (C&O) COMMENCES 1ST UNIT OF 1200 MW POWER PLANT IN INDIA
COALspot.com: Coastal Energen, part of the Coal & Oil Group, announced last week the commissioning and commencement of power production at the ...
Wednesday, 31 December 14
SUB-BIT INDONESIA COAL Q2' 15 DELIVERY SWAP CLOSED 1.03% LOWER COMPARED TO AVERAGE Q1' 15 DELIVERY PRICE - SGX
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week.
The Q1 swap has lost US$ 1.35 (-2 ...
Tuesday, 30 December 14
SHIP PRICES KEEP ON FALLING, SALES COME EARLY FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem ...
Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
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- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- The University of Queensland
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- VISA Power Limited - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
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