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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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Tuesday, 05 June 18
THINGS STILL LOOK TO BE PROMISING FOR THE DRY BULK MARKET OVER THE NEXT COUPLE OF MONTHS - GEORGE LAZARIDIS
Just as we thought the world was calming back down to reason, worries and frictions regarding global trade resurfaced this past week after a series ...
Tuesday, 05 June 18
INDONESIAN COAL PRICE REFERENCE IS GOING UP AGAIN
COALspot.com: According to latest ministerial decree No. 1857 K/30/MEM/2018 dated 4 June 2018, the Indonesian Coal Price Reference (HBA) up 7.91 pe ...
Saturday, 02 June 18
HOW CARBON UTILISATION WILL BE A KEY STEP IN INDIA'S CLIMATE STRATEGY - BENJAMIN SPORTON
For India, energy remains the key driver of growth, not only from an economic perspective but more importantly for accelerating social development. ...
Thursday, 31 May 18
SUPRAMAX: INDO/CHINA COAL RV IS GETTING FIXED AROUND $13K DELIVERY SINGAPORE - FEARNLEYS
Capesize
The Cape market has been on a downward trend for the past week.
According to Fearnleys, Oslo based broker, Brazil market ...
Wednesday, 30 May 18
HIGH PRICE, DMO ENCOURAGE COAL MINERS TO BOOST PRODUCTION - THE JAKARTA POST
A number of coal miners are planning to increase production by 10 percent in the second half of this year after a worldwide price increase.
Th ...
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Showing 1706 to 1710 news of total 6871 |
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- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- The University of Queensland
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
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