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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 December 17
THE COKING AND THERMAL COAL RECORDING SMALL GAINS - DANIEL HYNES
Coal markets were higher, with both coking and thermal coal recording small gains, said Daniel Hynes Senior Commodity Strategist at ANZ in his late ...
Tuesday, 05 December 17
WEEKLY US COAL PRODUCTION ESTIMATES DIP WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.1 million short ton ...
Thursday, 30 November 17
CONTEMPLATING COAL'S CONTROVERSY AT COP23 - BENJAMIN SPORTON
Representing the coal industry at climate talks is never going to be an easy proposition. For many people, coal and climate action are incompatible ...
Wednesday, 29 November 17
THE LAST DAYS OF COAL? - ALIBRA SHIPPING
At least 15 countries have joined an international alliance to phase out coal use for power generation before 2030.
Britain, Canada, Denmark, ...
Wednesday, 29 November 17
THERMAL COAL MARKETS WERE A LITTLE BIT MORE SUBDUED - DANIEL HYNES, ANZ
Coal prices were stronger, led by gains in coking coal. Premium hard coking coal jumped above USD200/t for the first time in two months, said Danie ...
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Showing 1861 to 1865 news of total 6871 |
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- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- White Energy Company Limited
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
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