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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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Thursday, 04 April 13
HANDY:QUIET ; PANAMAX: SLOW START; CAPESIZE: LOW ACTIVITIES - FEARNRESEARCH
Handy
The Atlantic markets remain quiet as charterers and owners waiting to see how it moves. The USG-Feast was at USD 20k and Black Sea-Feast was ...
Wednesday, 03 April 13
HBA HAS LOST US$ 1.53 PER MT IN APRIL 2013
COALspot.com - The Indonesian government’s declared coal bench mark price has lost $1.53 / MT in April 2013.
The monthly coal referen ...
Tuesday, 02 April 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 633K MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 3,029,482 tons of thermal and coking coal for week ended 0700 hours 1 April 2013, Newcas ...
Tuesday, 02 April 13
THE GOVERNORS TO TAKE OVER AUTHORITY OF MINING, FORESTRY AND PLANTATION CONCESSIONS
The Indonesian government is planning to transfer the authority of issuing mining, forestry and plantation concessions from municipalities and distr ...
Sunday, 31 March 13
COAL FREIGHTS ARE IN FLAT TO WEAK TREND - VISTAAR
COALspot.com - This freight market after several weeks of firming up seemed to lose steam and this week all the indices were down except for handy s ...
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- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
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