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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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Sunday, 22 July 12
NEW CHAIRMAN FOR AUSTRALIAN COAL ASSOCIATION
The Australian Coal Association (ACA) announced that Mr Ross Willims has been appointed as its new independent Chairman effective November 5 2012. M ...
Sunday, 22 July 12
CENTRAL KALIMANTAN COAL RAILWAY NETWORK WILL BE BUILT BY 2015 - THE BORNEO POST
The borneo post reported that, a declaration to build a coal railway network is signed today (12/07/2012) in front of the Indonesian Vice President ...
Sunday, 22 July 12
COAL PRICES IN MIXED TRENDS; STOCKS REMAIN HIGH AT BOTH ENDS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery fell 0.99 percent on last Friday closing (d-o-d) and 1.19 percent com ...
Sunday, 22 July 12
TATA POWER SIGNS A LONG TERM COAL SUPPLY AGREEMENT WITH PT ANTANG GUNUNG MERATUS, INDONESIA
COALspot.com - Tata Power, India’s largest integrated power utility, last Friday announced that it has signed a long term coal suppl ...
Saturday, 21 July 12
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT NEXT WEEK - VISTAAR
COALspot.com - The freight market was soft this week as all the segments were down.
The BDI was down by 6.58 pct closing at 1,037 points and the ...
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- Star Paper Mills Limited - India
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- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
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- Commonwealth Bank - Australia
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- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
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- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- The University of Queensland
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- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
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- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
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- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
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- GMR Energy Limited - India
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- SMG Consultants - Indonesia
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- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
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- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
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- Indo Tambangraya Megah - Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
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- Orica Mining Services - Indonesia
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- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
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- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
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- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- White Energy Company Limited
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- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
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- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
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- London Commodity Brokers - England
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- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
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- Vedanta Resources Plc - India
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- Samtan Co., Ltd - South Korea
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- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
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- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Australian Coal Association
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
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