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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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Tuesday, 23 April 13
REALM CONTINUES AS 51% OWNER AND MANAGER OF THE KATINGAN RIA THERMAL COAL PROJECT
COALspot.com - Realm Resources Ltd. (ASX: RRP) has announced today that, the commercial way forward for the development of its 51% held Indonesian t ...
Tuesday, 23 April 13
TIGERS REALM COAL HAS SOME OF THE WORLD'S BEST UNDEVELOPED COKING COAL ASSETS - EXECUTIVE CHAIRMAN
COALspot.com - “ During 2012, your Company has made very significant progress towards meeting its stated objective of becoming a global player ...
Tuesday, 23 April 13
AUSTRALIA'S NEWCASTLE PORT COAL SHIPMENTS DROPPED BY 4.38 PERCENT W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,434,336 tons of thermal and coking coal for week ended 0700 hours 22 April 2013, Newca ...
Sunday, 21 April 13
INDONESIA - INDIA COAL FREIGHT RATES ARE FIRMING UP - CAPT. REDDY
COALspot.com – The BDI was up by 1.40 pct closed at 888 points week ended 19 April 2013. The Cape index was down by 2.45 pct closing at 1234 p ...
Friday, 19 April 13
FIRST QUARTER OF 2013 PROVEN A POSITIVE SURPRISE FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite ominous predictions regarding the negative performance of the dry bulk market during the – traditionally weak anyway – first qua ...
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- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
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