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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, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Minerals Council of Australia
- The Treasury - Australian Government
- Aditya Birla Group - India
- ASAPP Information Group - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
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