We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 20 June 17
WORLD ECONOMY SHOWS A MORE OPTIMISTIC TREND
During the past weeks, we have seen many organizations and think tanks show a more optimistic face with regards to the world economy. The World Ban ...
Monday, 19 June 17
PANAMAX RATES HELP BALTIC INDEX TO A POSITIVE MOVE
COALspot.com: The Freight market rose very marginally this past week compared to the previous week, as BDI and Panamax indexes show a positive tren ...
Friday, 16 June 17
WEEKLY U.S. COAL PRODUCTION RISES; UP 24.1% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 15 June 17
SUPRAMAX NICKEL ORE FROM PHILIPPINES TO S. CHINA PAYING AROUND MID $10000 - FEARNLEYS
Supramax
Market looked more promising from both sides of the basins. Within Atlantic USG returned with tick better rates seen as tonnage kept tig ...
Wednesday, 14 June 17
WORLD COAL PRODUCTION FELL BY 6.2%, THE LARGEST ANNUAL DECLINE ON RECORD - BP
COALspot.com: The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as ...
|
|
|
Showing 2021 to 2025 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- VISA Power Limited - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
|
| |
| |
|
