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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, 14 September 17
KOMIPO INVITED BIDS FOR 5700 NAR BITUMINOUS COAL FOR BORYEONG POWER PLANT; 390K MT FOR NOV LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 390,000 Metric Tons of Bituminous coal ...
Wednesday, 13 September 17
U.S. COAL EXPORTS FOR THE FIRST SIX MONTHS OF 2017 WERE 55% HIGHER COMPARED TO THE SAME PERIOD IN 2016 - EIA
COALspot.com: EIA expects the share of U.S. total utility-scale electricity generation from natural gas to fall from an average of 34% in 2016 to a ...
Wednesday, 13 September 17
SOME THOUGHTS ON NORTH KOREA, US & CHINA - THEODORE NTALAKOS
The trade volume between North Korea and China is more than $5 billion per year. 83% of North Korea's exports end up in China; similarly, about ...
Tuesday, 12 September 17
NEWCASTLE FOB PRICES ROSE STRONGLY AND ARE NOW THREATENING TO BREAK THROUGH US$100/T - DANIEL HYNES
COALspot.com: The rise in crude oil market supported further gains in thermal coal, says Daniel Hynes Senior Commodity Strategist at ANZ.
Acco ...
Tuesday, 12 September 17
KOMIPO TO IMPORT 2.5 MILLION TONS OF 5700 NAR COAL FOR 5 YEARS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 500,000 Metric Tons of Bituminous ...
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Showing 1941 to 1945 news of total 6871 |
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- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- London Commodity Brokers - England
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
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