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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, 22 November 17
CHINA CONSUMES MORE THAN TWO-THIRDS OF THE GLOBAL SEABORNE IRON ORE MARKET; PRODUCES AS MUCH STEEL AS THE REST OF THE WORLD COMBINED - CHRISTOPHER T. WHITTY
China consumes more than two-thirds of the global seaborne iron ore market and at the same time produces as much steel as the rest of the world com ...
Monday, 20 November 17
INDONESIAN COAL BENCHMARK PRICE SURGES 0.86% TO $94.80 A TON, GOVERNMENT DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 0.86% in November compared to declared price in October, the latest ministerial decree showed. ...
Friday, 17 November 17
U.S. PRODUCED 678.8 MMST OF COAL YEAR TO DATE; 9% UP Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.8 million short ton ...
Thursday, 16 November 17
PANAMAX ACTIVITIES HAVE SLOWED DOWN QUITE SUBSTANTIALLY THE LAST WEEK - FEARNLEYS
Supramax
Another week with rates easing over all the Supra routes within Atlantic.
Front hauls from USG got payed around 21-22k daily and ul ...
Thursday, 16 November 17
KOMIPO INVITED BIDS FOR 3.9 MILLION TONS OF 5700 NAR AND 5400 NAR COAL FOR 2018 - 2020 DELIVERY
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 3,900,000 Metric Tons of min. 570 ...
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Showing 1871 to 1875 news of total 6871 |
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- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Australian Coal Association
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
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