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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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Wednesday, 12 February 14
2013 WAS THE YEAR OF PRIVATE EQUITY FUNDING - TIMOS PAPADIMITRIOU
COALspot.com: People say that money makes the world go round. Well, can it be that it’s the other way around? Is it possible that money needs ...
Tuesday, 11 February 14
INDONESIAN COAL SWAP SHOWS STRONG GROWTH IN 2014 SECOND HALF
COALspot.com – Swaps prices slide for thermal coal loading from Indonesia, the world’s largest exporter of the fuel, according SGX.
T ...
Tuesday, 11 February 14
AUSTRALIA'S NEWCASTLE COAL EXPORTS SLIDE AROUND 15% WEEK ON WEEK
COALspot.com: In the week ended 10 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 11 February 14
SHIP OWNERS INVEST IN 447 NEWBUILDINGS AND SECOND HAND VESSELS DURING JANUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite a rough start to the year for the dry bulk freight market and lackluster performance from most other shipping sub-segments, ship owners have ...
Monday, 10 February 14
Q1 2015, API 8 CFR SOUTH CHINA COAL SWAP CLOSED AROUND $ 2 HIGHER THAN Q2 14 PRICE
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 2.61 percent month on month and closed at US$ 77.28 per mt as on Frid ...
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- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
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