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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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Friday, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
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- PTC India Limited - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
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