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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, 22 December 12
DELTA DUNIA MAKMUR PRODUCED 3.2 MILLION TONS OF COAL IN NOVEMBER' 12
COALspot.com - PT Delta Dunia Makmur Tbk., has removed 28.1 million bcm* (+1.8% YoY) of Overburden in November 2012 while coal production was at 3.2 ...
Friday, 21 December 12
JORC CODE, 2012 EDITION NOW FINALIZED
COALspot.com - The JORC Committee has announced that, the completion of the review of the JORC Code of 2012 Edition.
The JORC Code, 2012 Ed ...
Thursday, 20 December 12
COAL CLOSING IN ON OIL AS WORLD'S TOP ENERGY SOURCE BY 2017
COALspot.com - Coal’s share of the global energy mix continues to rise, and by 2017 coal will come close to surpassing oil as the world’ ...
Thursday, 20 December 12
CHINA'S IRON ORE AND COAL DEMAND WILL SHAPE THE CAPESIZE DRY BULK TRADE DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the best efforts from ship owners to help alleviate the current tonnage oversupply issue in the dry bulk segment, especially in the larger v ...
Tuesday, 18 December 12
NEWCASTLE PORT IN AUSTRALIA SHIPPED 20.19 PERCENT MORE COAL W/E 17 DECEMBER 2012
COALspot.com - Newcastle port in Australia has loaded 3,269,640 MT of thermal and coking coal for week ended 0700 hours 17 December 2012, Newc ...
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- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- White Energy Company Limited
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
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