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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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Thursday, 11 January 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS FIXING AT AROUND $10K - FEARNLEYS
Supramax
USG rates improved both for backhaul and fronthaul, Ultras from USG to Japan receiving around $26k daily while supras 1-2k less for same ...
Wednesday, 10 January 18
2018: IT IS PROJECTED, THE SHIPBUILDERS WILL DELIVER FOUR HUNDRED FORTY NEW VESSELS IN 2018
Headlines from IMF's 2017 – World Economic Outlook:
January 2017 - “After a lacklustre outturn in 2016, economic activity is p ...
Tuesday, 09 January 18
INDONESIAN GOVERNMENT DECLARED COAL REFERENCE PRICE UP IN JANUARY
COALspot.com: the Indonesian Coal Price Reference ( HBA) rose 1.60 per cent in January 2018, the latest ministerial decree showed.
The benchma ...
Friday, 05 January 18
U.S. WEEKLY COAL OUTPUT FELL 32.4% PER CENT WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 10.5 million short tons ...
Friday, 05 January 18
COAL DEMAND TO REMAIN FLAT TO 2022, RESULTING IN A DECADE OF STAGNATION - IEA
Global demand for coal should remain nearly flat between 2017 and 2022, resulting in a decade of stagnation for coal consumption, according to the ...
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Showing 1831 to 1835 news of total 6871 |
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- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
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