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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, 16 November 17
THE PORT OF NEWCASTLE HAS SHIPPED 14.94 PERCENT LESS COAL IN OCTOBER 2017, DATA SHOWS
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,466.8 ...
Thursday, 16 November 17
GOVERNMENT, 13 COAL MINERS AGREE TO CHANGE CONTRACTS - JP
The government and 13 coal mining companies have agreed to change the old Contract of Work (CoW), as part of the implementation of Law No. 4/20199 ...
Wednesday, 15 November 17
IEA RECOGNISES COAL'S CONTINUOUS IMPORTANCE TO GLOBAL ENERGY NEEDS - WCA
The World Coal Association (WCA) has welcomed the International Energy Agency’s (IEA) recognition that coal will continue to play a vital rol ...
Wednesday, 15 November 17
THERMAL COAL WAS DRAGGED DOWN BY THE WEAKNESS ACROSS THE WIDER ENERGY SECTOR - DANIEL HYNES
The coal market was mixed.
Thermal coal was dragged down by the weakness across the wider energy sector, said Daniel Hynes Senior Commodi ...
Wednesday, 15 November 17
MARKET INSIGHT - LINOS KOGEVINAS
For another week, oil seems to be the most volatile and interesting commodity to watch. In this segment we’ll look at some of the major facto ...
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Showing 1876 to 1880 news of total 6871 |
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- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- VISA Power Limited - India
- Australian Coal Association
- The University of Queensland
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
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