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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, 09 August 18
RIO TINTO COMPLETES SALE OF REMAINING COAL ASSETS
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.
According to a noted post ...
Wednesday, 08 August 18
CHINA DEMANDS PREMIUM IRON ORE, COAL; MINERS MIXED IMPACT - FITCH RATINGS
China’s stricter environmental regulations and structural changes in its steelmaking industry boosts ongoing demand for high-quality iron ore ...
Wednesday, 08 August 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
Singapore's shipyard business has evolved over the decades, from shipbuilding and repairs to rig building. It's now evolving again, to cate ...
Friday, 03 August 18
PHEW! ASIA, EUROPE HEATWAVE PUSHES AUSTRALIA COAL PRICES TO 6-YEAR HIGH: REUTERS
Australian thermal coal prices have hit fresh six-year highs as a heatwave across the northern hemisphere has triggered a spike in demand for coal- ...
Friday, 03 August 18
HBA HAS RISEN 28.41 PER CENT IN A YEAR TO BE AT THEIR HIGHEST LEVELS SINCE JANUARY 2012
COALspot.com: The benchmark price of Indonesian thermal coal has risen 28.41 per cent in a year to be at their highest levels since January 2012.&n ...
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- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
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