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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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Wednesday, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced ...
Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscieleck ...
Tuesday, 29 May 18
INDIA'S COAL IMPORT DECLINES IN APRIL AMID DIVERSION TO THERMAL POWER PLANTS - PTI
India’s coal import fell by 9 percent to 17.32 million tonnes (MT) in April on the back of ample supply of dry fuel from domestic sources.
...
Monday, 28 May 18
COAL SUPPLY DIVERSION IRKS INDUSTRIES DEPENDENT ON CAPTIVE POWER PLANTS - HINDU BUSINESS LINE
The government’s move to prioritise coal supplies to power plants with minimal coal stock has disrupted fuel supply to some sectors, which ha ...
Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
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Showing 1711 to 1715 news of total 6871 |
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- Central Java Power - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- White Energy Company Limited
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Parliament of New Zealand
- The University of Queensland
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
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