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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, 18 March 14
NEWCASTLE COAL EXPORT VOLUME FALLS 26.23% WEEK ON WEEK
COALspot.com: In the week ended 17 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 17 March 14
API 8 CFR SOUTH CHINA COAL SWAPS FOR AVERAGE Q2 14 DELIVERIES LOST 2.59% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.59 percent month on month and closed at US$ 74.15 per mt as o ...
Sunday, 16 March 14
BDI DOWN ON LOW CAPESIZE ACTIVITY
COALspot.com: The freight market was slightly soft this week with BDI down by 4.28 pct week on week. The BDI closed at 1,477 points and the cape ...
Friday, 14 March 14
DRY BULK MARKET ENTERS RECOVERY MODE, ON INCREASED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has entered and sustained higher ground as of this week, on the back on increased Capesize demand. Although the situation in ...
Friday, 14 March 14
US, THE WORLD'S SECOND LARGEST COAL PRODUCER MINED 75.3 MMST OF COAL IN FEBRUARY; DOWN 10.88% M-M
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.7 million short tons (mmst) of coal ...
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- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- The University of Queensland
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Australian Coal Association
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Minerals Council of Australia
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