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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, 28 July 14
S. KOREA'S KOSPO SEEKS 148K T OF 4700 NAR COAL
COALspot.com: Korea Southern Power Co Ltd (KOSPO) is seeking 148,000 tonnes of 4,700 kcal/kg NCV steaming coal for shipment between October to Nove ...
Monday, 28 July 14
CFR SOUTH CHINA COAL SWAP SLIGHTLY UP WEEK ON WEEK
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. The swap for Q3, Q4 and Q1 2015 showing slight improvement ...
Sunday, 27 July 14
RAMADAN HOLIDAYS IN INDONESIA PUTTING PRESSURE ON CHARTER RATES FROM INDONESIA - VISTAAR INDIA
COALspot.com: The freight rates were almost steady as very slight improvement in BDI by about 1 pct. The BDI was at 739 points after improvin ...
Saturday, 26 July 14
COAL MINING COMPANIES CLOSED TEMPORARILY - THE JAKARTA POST
The Sarolangun regency administration in Jambi has suspended the operations of 10 coal mining companies in line with a circular issued by Regent Ce ...
Friday, 25 July 14
U.S WEEKLY COAL PRODUCTION UP AROUND 3.5% WEEK ENDED JULY 19
COALspot.com – United States the world's second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
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- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
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- Antam Resourcindo - Indonesia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
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- Wilmar Investment Holdings
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Australian Coal Association
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
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