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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, 07 November 17
DRY BULK SHIPPING: TAKE GOOD CARE OF THE RECOVERY SAYS PETER SAND
Demand:
Even without much support from Brazilian iron ore exports during August, capesize rates went from $10,000 to $17,000 per day. In Septembe ...
Tuesday, 07 November 17
COAL MARKETS WERE RELATIVELY BUOYANT - DANIEL HYNES
Coal markets were relatively buoyant. Metallurgical coal prices were supported by the stronger steel and iron ore prices, says Daniel Hynes, Senior ...
Tuesday, 07 November 17
PROSPERITY AND WINTER WARMTH REMAIN PARAMOUNT IN CHINA - JEFFREY LANDSBERG
Chinese officials announced recently that 580 gigawatts of coal-derived electricity generation capacity has completed ultra-low emissions reform as ...
Monday, 06 November 17
COAL SHORTAGE HURTS INDIA'S HINDALCO AND VEDANTA SAYS BUSINESS STANDARD
Aluminium smelter operations of Vedanta and Hindalco are at risk of turning unviable due to a coal crunch.
According to Business Standard an I ...
Monday, 06 November 17
MARINE BUNKER EXCHANGE EXPECTS BUNKER PRICES WILL CONTINUE UPWARD TREND NEXT WEEK
World fuel indexes rose during the week, supported by main oil producers’ statements about possible extension of oil production cut agreement ...
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Showing 1891 to 1895 news of total 6871 |
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- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- The University of Queensland
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
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