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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, 21 August 17
FIRM DEMAND FOR CAPES CONTINUE TO SUPPORT DRY BULK SHIPPING
COALspot.com: The freight market was continued to rose this past week compared to the previous weeks, as BDI, Cape and Panamax indexes show a posit ...
Friday, 18 August 17
U.S. WEEKLY COAL OUTPUT UP 2.1% WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 17 August 17
DESPITE A HOLIDAY-DISRUPTED WEEK IT HAS BEEN A NEW ACTIVE WEEK FOR THE PANAMAXES - FEARNLEYS
Supramax
A very quiet start to the week with holidays in several countries. USG still bringing good results supported by a tight tonnage availabl ...
Monday, 14 August 17
CENTURIES ON, AND DRY BULK STILL RULES THE WAVES... - SARAH HOLDEN | CLARKSONS
By the late 1800s, the shipping industry had been transformed by the introduction of steam power and iron ships. Coal and grain were two of the mos ...
Monday, 14 August 17
THE FREIGHT MARKET CONTINUES ON AN UPWARD PATH
COALspot.com: The freight market was continued to rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positi ...
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Showing 1966 to 1970 news of total 6871 |
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- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- MS Steel International - UAE
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
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