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.
|
|
Wednesday, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this t ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Monday, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
|
|
|
Showing 2241 to 2245 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
|
| |
| |
|
