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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, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
Monday, 05 May 14
HUANENG CLEAN ENERGY RESEARCH INSTITUTE HAS CONFIRMED TO SPEAK AT CCF2014
Press Release: Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite ...
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- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
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