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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 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
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Showing 2206 to 2210 news of total 6871 |
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- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
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