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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, 10 September 13
COAL EXPORTS AT AUSTRALIA'S NEWCASTLE PORT SLIP 30.31% ON WEEK TO 2.36 MMT
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port down 30.31 per cent week on week to 2.36 million mt f ...
Tuesday, 10 September 13
WORLDWIDE COAL CONSUMPTION RISES SHARPLY - RA DR. ERICH SCHMITZ
By: RA Dr. Erich Schmitz, Verein der Kohlenimporteure (Germany Coal Importers Association)
World hard coal market in the first half of 2013: worl ...
Monday, 09 September 13
REBOUND IN NEWBUILDING ORDERS HASN'T HURT DRY BULK MARKET PROSPECTS, BUT SHIP OWNERS SHOULD STILL BE CAUTIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Since the start of 2013 and up until the end of August, one thing has really caught the headlines in the dry bulk market, except of course, the frei ...
Sunday, 08 September 13
Q3 2014 THERMAL COAL SWAPS : STEADY DIRECTION
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery up 1.88 percent month on month. The swap was moved ...
Sunday, 08 September 13
BALTIC INDEX UP ON HIGHER CAPESIZE, PANAMAX RATES
COALspot.com : The freight market continued saw one of the biggest rally last week with Cape Size taking the lead followed by Panamax.
The BDI wa ...
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- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
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