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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, 24 May 13
OPG POWER VENTURES OF INDIA LOOKING FOR 210,000 MT OF 4,200 GAR INDONESIAN THERMAL COAL
COALspot.com - OPG Power Ventures Plc (OPG) is an AIM listed (London Stock Exchange) and fast growing developer and operator of power plants in Indi ...
Thursday, 23 May 13
HANDY : THE ATLANTIC MARKET REMAINS UNCHANGED - FEARNRESEARCH
Handy
The Atlantic market remains unchanged. USG-Feast rates were around USD 19k. Little change from last week in the Pacific, fewer stems and tonn ...
Thursday, 23 May 13
COLOMBIA SHIPPED 11.74 MILLION TONS OF THERMAL COAL IN Q1
COALspot.om - Colombia produced about 18,388,972.94 mt of coal for the first quarter of 2013.
Q1' 2013 coal production was around 21.42 p ...
Wednesday, 22 May 13
COKAL SIGNS JV WITH MDM, FOR BARITO RIVER BARGING
COALspot.com - Cokal Limited (ASX: CKA) has announced that it has entered into a 50:50 Joint Venture (JV) with Meratus Advance Maritime (MDM) one of ...
Tuesday, 21 May 13
NEWCASTLE PORT COAL SHIPMENTS SEEN FALLING WEEK ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,205,024 tons of thermal and coking coal for week ended 0700 hours 20 May 2013, Newcast ...
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- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Planning Commission, India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
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