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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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Wednesday, 17 July 13
NEWCASTLE COAL EXPORTS FELL 3.85% ON WEEK
COALspot.com: Newcastle port in Australia has loaded 2,860,149 tons of coal for the week ended 0700 hours 15 July 2013, Newcastle Port Corp. s ...
Wednesday, 17 July 13
TORN BETWEEN A CREDIT CRUNCH AND SUSTAINABLE GROWTH - GEORGE DERMATIS
COALspot.com: In 2012 China expanded at a rate of 7.8%, its worst annual performance in 13 years, raising criticism over the newly appointed governm ...
Tuesday, 16 July 13
TAKE - OR - PAY CONTRACTS CONTINUE TO INCENTIVISE AUSTRALIAN COAL PRODUCERS DESPITE POTENTIAL NEGATIVE CASH MARGINS - WOOD MACKENZIE
Australia's coal production has continued to grow, despite lower coal prices in 2013. Global investors and suppliers are therefore questioning whet ...
Monday, 15 July 13
INDONESIAN GOVERNMENT HAS REVISED DOWN ITS JULY BENCH-MARK COAL PRICE TO US$ 81.69 PER MT
COALspot. com - Indonesian Coal Price Reference dropped 3.75 % and hitting a 2013 low. The Indonesian government has revised down its owned coal ben ...
Monday, 15 July 13
INDO COAL SWAPS ARE STRUGGLING FOR RIGHT DIRECTION
COALspot.com – Indo coal swaps are struggling to find the right direction. Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 d ...
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- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Australian Coal Association
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
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