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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, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
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- SMC Global Power, Philippines
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- The University of Queensland
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
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