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.
|
|
Friday, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
Thursday, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
|
|
|
Showing 2506 to 2510 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- The University of Queensland
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
|
| |
| |
|
