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.
|
|
Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
|
|
|
Showing 2476 to 2480 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- GMR Energy Limited - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Parliament of New Zealand
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Cement Manufacturers Association - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
|
| |
| |
|
