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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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Monday, 06 May 13
INDONESIAN COAL PRICE REFERENCE FALLS CONTINUE
COALspot.com - The Indonesian government’s declared coal bench mark price has lost $ 3.23 / MT in May 2013.
The monthly coal pr ...
Sunday, 05 May 13
SUB-BIT FOB INDONESIA COAL - MIXED TREND; API 8 CFR SOUTH CHINA COAL - POSITIVE TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average June 2013 delivery has gained 0.28 percent and API 8 CFR South China Coal shipment&nb ...
Saturday, 04 May 13
INDONESIA TO INDIA PANAMAX FREIGHT : FLAT TO SOFT - CAPT. REDDY
COALspot.com - The demand for iron ore picked up and its pushed up the cape size index by 7.86 pct. Cape index closed at 1,344 points. The BDI ...
Friday, 03 May 13
US PRODUCED 17.9 MILLION SHORT TONS (MMST) OF COAL IN A WEEK
COALspot.com - U.S. produced totaled approximately 17.9 million short tons (mmst) in a week (For the week ended April 27, 2013), EIA said in its lat ...
Friday, 03 May 13
SHIP OWNERS ARE INVESTING HEAVILY IN DRY BULK CARRIER NEWBUILDINGS ONCE MORE: IS THERE ANY RATIONALE? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market remains heavily oversupplied and just as the orderbook of newbuildings had began to shrink, it seems that sh ...
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- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
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