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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, 18 July 17
CHINA'S ECONOMY HAS BOOSTED OPTIMISM IN THE MARKET - GEORGE LAZARIDIS
COALspot.com: China’s economy has boosted optimism in the market as its recently announced GDP growth for the second quarter of the year exce ...
Friday, 14 July 17
IMPORTED COAL IS STILL A SAFE AND RELIABLE SOURCE OF ENERGY IN GERMANY - VDKI
COALspot.com: Imported coal is still a safe and reliable source of energy in Germany. World coal mining has reached a high plateau, but not yet a t ...
Friday, 14 July 17
U.S. WEEKLY COAL-OUTPUT IN SIGNIFICANT DECLINE, EIA FIGURES SHOW
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.4 million short tonn ...
Thursday, 13 July 17
BELT AND ROAD SHIPPING INDICES OFFICIALLY RELEASED - XINHUA
COALspot.com: The Shanghai Shipping Exchange (SSE) Tuesday officially launched the Belt and Road shipping indices to track freight trade data among ...
Thursday, 13 July 17
SUPRAMAX: NICKEL ORE TRIPS TO CHINA VIA PHILIPPINES WITH DELIVERY S. CHINA IS PAYING AROUND MID $9000 - FEARNLEYS
Supramax
COALspot.com: Another slow start to the week with somewhat softening rates and few fixtures.
Nickel Ore trips to China via the Phil ...
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Showing 2001 to 2005 news of total 6871 |
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- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- White Energy Company Limited
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
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