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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, 01 May 13
NEWCASTLE PORT SHIPPED 23.14 PER CENT MORE COAL WEEK ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,997,729 tons of thermal and coking coal for week ended 0700 hours 29 April 2013, Newca ...
Tuesday, 30 April 13
KATINGAN RIA THERMAL COAL TO START PRODUCTION FROM EARLY 2014
COALspot.com - Realm Resources Ltd. (ASX: RRP) has announced the completion of the Feasibility Study for its 51% owned Katingan Ria thermal co ...
Monday, 29 April 13
FIRST TRADES OF SGX API 8 CFR SOUTH CHINA COAL SWAP
COALspot.com - The SGX API 8 CFR South China Coal Swap went live for clearing on SGX-DC today with a total volume of 25,000 metric tonnes (25 lots). ...
Sunday, 28 April 13
SUB BIT INDONESIA COAL & CFR SOUTH CHINA COAL SWAPS STAY POSITIVE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average May 2013 delivery has gained 0.34 percent and CFR South China coal shipment gai ...
Sunday, 28 April 13
PANAMAX FREIGHT COULD BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - This BDI closed slightly lower at 871 points (down by 1.91 pct) mainly due to drop in the Panamax index by almost 10 pct.
Th ...
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- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
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