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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, 10 February 14
SUPRAMAX STILL AT AROUND US$ 5K + BB 50K DELIVERY KALIMANTAN FOR A TRIP TO INDIA - CAPT. REDDY
COALspot.com: The BDI was down by 1.71 pct and closed at 1091 points week ended 7 February 2014. The BDI seemed to reach the bottom as the cape inde ...
Saturday, 08 February 14
U.S PRODUCED 84.5 MMMST OF COAL IN JANUARY; 2.05% UP MONTH ON MONTH, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 07 February 14
DRY BULK MARKET ON ' REVERSE' MODE DUE TO CHINESE HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept its uninspiring mood throughout yet another week, with the Baltic Dry Index (BDI) hovering slightly above the 1,000-poi ...
Thursday, 06 February 14
INDONESIA'S BAN ON THE EXPORT OF RAW MINERAL ORES COMES INTO FORCE - INCE & CO
COALspot.com: On 12 January 2014, the ban on the export of unprocessed mineral ores came into effect in Indonesia. This ban enforces the Mining Law ...
Thursday, 06 February 14
THE WORLD LARGEST COAL EXPORTER SHIPPED AROUND 35.90 MMT OF COAL IN DECEMBER 2013
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $2* billion worth ...
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- White Energy Company Limited
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
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