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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, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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Showing 1606 to 1610 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Australian Coal Association
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
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