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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, 26 November 13
EWP INVITES COAL BIDS FOR 2014 - 2018 DELIVERIES
COALspot.com: Korea East-West Power Co. Ltd (EWP) invited bids to supply 130,000MT of min 5,600kcal/kg (Sub)-bituminous Coal on NCV basis for March ...
Tuesday, 26 November 13
NEWCASTLE COAL EXPORTS SLIP 22.62% W-W
COALspot.com: In the week ended November 25, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.26 ...
Monday, 25 November 13
THE SUB-BIT INDONESIA COAL SWAP MOVEMENT IN YEAR 2014 IS STILL FAR FROM PROMISING
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 2.54 pmt month on month on Friday 22 Novemb ...
Sunday, 24 November 13
CFR SOUTH CHINA COAL SWAPS FOR Q4' 14 DELIVERY PRICE SHOWS A NEGATIVE TREND WEEK ON WEEK AND FLAT ON D-D
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.13 percept d-d on Friday 22 November 2013. The CFR South ...
Sunday, 24 November 13
SUPRAMAX FREIGHT RATES REMAINED FIRM FROM INDONESIA TO INDIA AND CHINA - SOLYM
COALspot.com: The freight market was fairly steady except for the Supramax in SE Asia region which continued to remain firm. The BDI was down by 1.5 ...
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- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
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- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
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- Electricity Authority, New Zealand
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- Renaissance Capital - South Africa
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- Price Waterhouse Coopers - Russia
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- Salva Resources Pvt Ltd - India
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- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
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- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- White Energy Company Limited
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
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