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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, 06 February 18
THE FUNDAMENTALS FOR INDIAN COAL IMPORTS CONTINUE TO LOOK PROMISING - TORVALD KLAVENESS
Back in August we reported that the fundamentals impacting Indian coal imports looked more promising.
Trade flow data today implies 17.4Mt of ...
Monday, 05 February 18
SUPRAMAX : INDONESIA TO INDIA PASSING THROUGH SINGAPORE HAS SOFTENED
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has softened, week over week, own ...
Friday, 02 February 18
SUPRAMAX : INDONESIA TO CHINA COAL TRIPS ARE PAYING AROUND MID USD 9000 - FEARNLEYS
Supramax
Rather quiet week within Atl, specially Continent due to lack of cargoes.
According to Fearnleys Weekly - Dry bulk report published ...
Friday, 02 February 18
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 54.1 MMST, DOWN 8.8% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
Thursday, 01 February 18
RISING US OIL EXPORTS, MARKET DISRUPTION, BRENT-WTI SPREAD - WOOD MACKENZIE
What will US tight oil growth do to crude markets? The build-up in volumes early this decade led to a supply glut that undermined prices in 2014.
...
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Showing 1816 to 1820 news of total 6871 |
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- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- White Energy Company Limited
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- VISA Power Limited - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
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