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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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Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
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- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
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