We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 31 January 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
Days before the celebrations of the Lunar New Year, the dry bulk market seems to be holding well, against negative predictions. Period numbers repo ...
Monday, 29 January 18
BALTIC INDEX GAINS ON STRONGER BIG VESSEL ACTIVITY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week and ending on a positive note week ov ...
Monday, 29 January 18
U.S.WEEKLY COAL OUTPUT UP 8.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.6 million short tons ...
Wednesday, 24 January 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Since the beginning of the New Year we have been witnessing the BDI correcting downwards, which nonetheless seems to have no effect at ...
Tuesday, 23 January 18
OIL MARKET ANALYSIS - ALLIED
Brent oil futures hit a three year high on January 16th touching around USD 70.30 before falling back down to around USD 68.60 at the Time of this ...
|
|
|
Showing 1821 to 1825 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- MS Steel International - UAE
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
|
| |
| |
|
