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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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Saturday, 27 April 13
HANDY : SLIDING ; PANAMAX : POSITIVE ; CAPESIZE : STILL ON ITS KNEES - FEARNRESEARCH
Handy
The Atlantic markets started sliding with no fresh cargoes seen in the market. The USG-Feast was at USD 18k and Black sea-Feast was at USD 11 ...
Saturday, 27 April 13
2ND CHINA INTERNATIONAL SHALE GAS SUMMIT
Press Release - 2nd China International Shale Gas Summit, 10-13 September 2013 | Chengdu, China
*The largest annual event for the shale gas indus ...
Friday, 26 April 13
LIMA SUMMIT IN JULY TO HIGHLIGHT LATIN AMERICAN MINING POTENTIAL
COALspot.com - Latin American mining industry officials and their private sector counterparts will be gathering in Lima, Peru on July 1-2 for the La ...
Wednesday, 24 April 13
FUTURE US POWER MARKET SHARES OF COAL, NATURAL GAS GENERATORS DEPEND ON RELATIVE FUEL PRICES - EIA
COALspot.com - In recent years, in US, natural gas competed more effectively with coal as a fuel for electricity generation as the cost of operating ...
Tuesday, 23 April 13
INDONESIAN STATE OWNED COAL MINER SHIPPED 4 PERCENT MORE COAL IN 1Q
COALspot.com - PT. Bukit Asam, the Indonesian state owned coal miner shipped more coal in first quarter of this year compared to the same period in ...
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- MS Steel International - UAE
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Minerals Council of Australia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Planning Commission, India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
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