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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, 14 November 17
COAL STOCKS RUN SHORT, CENTRE TO GET DAILY UPDATE ON STOCKS - DECCAN CHRONICLE
Facing a shortage of coal for thermal power generation in the country, the Central Electricity Authority (CEA) has issued guidelines for maintainin ...
Tuesday, 14 November 17
IN 2018, WORLD OIL DEMAND IS FORESEEN REACHING 1.51 MB/D - OPEC
Oil Market Highlights - OPEC
The OPEC Reference Basket averaged $55.50/b in October, gaining $2.06 over the previous month and reaching the hi ...
Monday, 13 November 17
THERMAL COAL PRICES WERE RELATIVELY UNCHANGED - DANIEL HYNES
Coal prices were broadly higher, driven by strong gains in the metallurgical coal market said Daniel Hynes, Senior Commodity Strategist at ANZ in h ...
Monday, 13 November 17
THIESS AWARDED $300M SANGATTA EXPANSION CONTRACT
Thiess has been awarded a $300 million contract by Kaltim Prima Coal (KPC) to expand operations at Sangatta coal mine in East Kalimantan, Indonesia ...
Friday, 10 November 17
U.S. COAL OUTPUT FOR THE FIRST 10 MONTHS OF 2017 IS ESTIMATED AT AROUND 656 MMST; UP10% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15 million short tons ...
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Showing 1881 to 1885 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- White Energy Company Limited
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
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