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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, 18 October 13
DRY BULK MARKET ON "PAUSE" MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been on "pause" mode over the past week, after China's return from the week long holidays. The industry's benchm ...
Friday, 18 October 13
US PRODUCED 6.7% MORE COAL W-W
COALspot.com – United States the world’s second largest coal producer produced approximately 18.9 million short tons (mmst) of coal in a ...
Thursday, 17 October 13
CAPESIZE: RATES ARE AGAIN MOVING UPWARDS - FEARNRESEARCH
Handy
Activities were obviously slowed down in the Pacific basin. There were only few coal movements which fixed around USD 15-16k for ships in Sin ...
Thursday, 17 October 13
SGX TO LAUNCH "SGX THERMAL COAL FUTURES" NEXT MONDAY
COALspot.com: SGX is to launch two thermal coal futures contracts, SGX API 8 CFR China Coal Index Futures and SGX IHS McCloskey Indonesian Sub-bit F ...
Thursday, 17 October 13
CHINA'S COAL IMPORTS DOWN 9.4% TO 25.96 MMT IN AUGUST
COALspot.com: China's August Imported coal volumes down 9.4% m-m but up 27% y-y, BNP said in its latest China Coal & Power report released on 1 ...
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- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Minerals Council of Australia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
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