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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, 24 May 16
WEEKLY CS COAL INDICES NEGATIVE FOR ALL TYPES OF COAL EXCEPT 3800 GAR COAL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was down 0.10 percent week over week to averaging $38.90 per ton this past week, sho ...
Monday, 23 May 16
A PERFECT STORM FOR INDONESIAN STEAM COAL EXPORTS - CLARKSON RESEARCH
Indonesia is the world’s leading steam coal exporter, accounting for over 40% of global seaborne steam coal exports since 2010. However in 20 ...
Monday, 23 May 16
THE PANAMAX INDEX WAS UP 17 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this week.
The freight market was firm and all ...
Friday, 20 May 16
SHIPBUILDING CONTRACTS: CAN I CANCEL? SHOULD I CANCEL? - THE SHIPOWNER CLUB
KNOWLEDGE TO ELEVATE
There are many circumstances in which a buyer of a new-build vessel might want to terminate or cancel their contract with ...
Friday, 20 May 16
U.S COAL PRODUCTION FOR THE WEEK ENDED 14 MAY TOTALED 11.4 MMST; UP 3.8% W/W
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.4 million short tons (mm ...
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Showing 2421 to 2425 news of total 6871 |
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- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- White Energy Company Limited
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
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