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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, 20 February 13
BAKRIE GROUP LOOKS TO HAVE A CLEAR UPPER HAND - LUCKY ARIESANDI, CFA
The Bakrie-Rothschild saga is entering its final stage, with Bumi Plc (BUMI LN)’s holders to convene on 21 Feb at 11am GMT to vote on Nat Roth ...
Tuesday, 19 February 13
NEWCASTLE PORT SHIPPED 38.65 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 1,820,559 MT of thermal and coking coal for week ended 0700 hours 18 February 2013, Newc ...
Monday, 18 February 13
78.75 MILLION TONS OF COAL RESERVES ARE NEWLY PROVEN IN WUGANG HUNAN PROVINCE
COALspot.com - Recently, Wugang City, known as the CHINA hundred key coal producing cities, achieved new breakthroughs in coal exploration: deep coa ...
Sunday, 17 February 13
STEEL DEMAND WILL HELP TO PUSH UP FREIGHT RATES - VISTAAR
COALspot.com - This freight market has been fairly steady week ended 15 February 2013.
The BDI was slightly up by 0.67 pct closing at 753 points ...
Friday, 15 February 13
2ND ANNUAL INDONESIA MINING 2013 CONFERENCE
Bringing Indonesia's Mining Stakeholders Together Towards Improving Mining Investment Climate & Operations
Following the success of th ...
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- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
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