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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, 21 February 14
INDONESIA PLAN TO CAP COAL OUTPUT AND HIKE ROYALTY; START MUSIC
COALspot.com: Energy and Mineral Resources Ministy of Indonesia is planning to increase the royalty for coal miners particularly for Mining Business ...
Friday, 21 February 14
THE WORLD'S SECOND LARGEST COAL MINER MINED 19.2 MMST OF COAL IN A WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, mined approximately 19.2 million short tons (mmst) of coal in a w ...
Friday, 21 February 14
DRY BULK MARKET SHOWS SIGNS OF LIFE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the c ...
Friday, 21 February 14
INDONESIA COAL OUTPUT CAP TO HURT MINERS RELIANT ON VOLUME GROWTH, FITCH SAYS
Fitch Ratings says that the credit profiles of mining sub-contractors and miners highly reliant on increasing volumes to support high debt servicing w ...
Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the signific ...
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- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
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