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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, 22 October 13
KOWEPO INVITED BIDS FOR MULTI GRADE COAL
COALspot.com - Korea Western Power Co., Ltd. (KOWEPO), a Korean electricity generator intends to procure 240,000 tons of multi grade coal for its Ta ...
Monday, 21 October 13
SOUTH CHINA COAL SWAP FOR 2014 DELIVERIES SHOW A POSITIVE TREND
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.02 percept M-M on Friday 18 October 2013. The CFR South China Co ...
Sunday, 20 October 13
Q3'14 SUB-BIT INDO COAL SWAP CLOSED AT $ 61.80 PMT W/E 18 OCT' 13
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 0.93 percept month on month on Friday 18 October 201 ...
Saturday, 19 October 13
NICKEL ORE SHIPMENTS KEEP SUPRAMAX CHARTER RATES STEADY - CAPT. REDDY
COALspot.com : The futures freight market continued to go down which was reflected in the physical markets as well.
The BDI continued to be soft ...
Friday, 18 October 13
WOOD MACKENZIE FORECASTS CHINA WILL OUTWEIGH THE REST OF THE WORLD FOR BASE METALS DEMAND BY 2017
China set to account for 52% of 117mt base metals market by 2017
China is on track to exceed rest of the World demand by 2017, becoming the singl ...
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- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- VISA Power Limited - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Heidelberg Cement - Germany
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