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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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Friday, 04 August 17
IMPORTED COAL CONTINUES TO BE A COMPETITIVE, SAFE AND RELIABLE ENERGY SOURCE FOR GERMANY - VDKI
COALspot.com: Worldwide hard coal production in 2016 declined by 3.8% to 6.7 billion tonnes.
According to the Germany Coal Importers Associati ...
Thursday, 03 August 17
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE GETTING FIXED AROUND MID $8000 - FEARNLEYS
In the Pacific rates have remained weak and under pressure this week with most routes softening.
Indo/China coal rounds are getting fixed arou ...
Thursday, 03 August 17
BUMI RESOURCES COAL SALES RELATIVELY FLAT AT 41.5 MILLION TONS IN 1H' 17; REPORTS US$162.3 MILLION PROFIT IN FIRST SEMESTER
COALspot.com: The BUMI Resources, Indonesia’s one of the largest coal producer, has reported a net income of $162.3 million in 1H’ 17 c ...
Wednesday, 02 August 17
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
During the duration of the first half of the year, the dry bulk market saw intense buying interest that boosted SnP prices significantly. We saw a ...
Monday, 31 July 17
KOMIPO INVITES BIDS FOR 750K MT OF 5,700 KCAL/KG NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 750,000 Metric Tons of Bituminous coal for its B ...
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Showing 1986 to 1990 news of total 6871 |
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- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- GMR Energy Limited - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
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