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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, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
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Showing 2081 to 2085 news of total 6871 |
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- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Planning Commission, India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
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