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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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Monday, 11 September 17
A PUNCHY WEEK FOR THE BIG SHIPS AS THE RATE FOR WEST AUSTRALIA TO CHINA HIT $8.00 THE FIRST TIME IN NEARLY THREE YEARS - BALTIC EXCHANGE
Capesize
A punchy week for the big ships as the rate for West Australia/China hit $8.00 the first time in nearly three years. A Jiangsu Steamship ...
Monday, 11 September 17
INDONESIAN ICPR SURGES HIGHER, POSTS BIGGEST MONTHLY RISE SINCE DECEMBER 2016, ESDM DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 9.60% in September, government data showed.
The benchmark price of Indonesian th ...
Monday, 11 September 17
KOMIPO INVITED BIDS FOR TOTAL 6.235 MMT OF 5700 AND 5100 NAR COAL FOR 2017 TO 2022 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 1,590,000 Metric Tons of Bitumino ...
Monday, 11 September 17
THE FREIGHT MARKET ROSE WEEK OVER WEEK; BCI UP 22.22% & BPI UP 14.77%
COALspot.com: The freight market rose in all segments week over week. Mainly Cape and Panamax have supported to pushed up BDI this past week, BDI, ...
Friday, 08 September 17
MIXED SIGNALS ON REFINERY PREPARATIONS FOR 2020 FUEL CHANGES - IBIA
A recent consultancy survey has suggested that some 85% of refiners have not made plans for how to deal with the expected dramatic fall in g ...
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Showing 1946 to 1950 news of total 6871 |
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- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
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