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, 23 March 16
THE PANAMA CANAL - WILL THE MELTING OF POLAR ICE CAPS CREATE RIVAL NAVIGATIONAL WATERWAYS THROUGH THE ARCTIC? - INTERMODAL
The Panama Canal, 102 years after its initial opening, is now about to have its expansion completed with a cost of USD5.25 Billion. It is a project ...
Tuesday, 22 March 16
FOUR NEW MARKET MEMBERS HAVE JOINED GLOBALCOAL
globalCOAL® announced yesterday that four new Market Members have joined its international trading community.
Ferrocadia DMCC is an intern ...
Monday, 21 March 16
INDONESIAN 4200 GAR COAL INDEX ROSE $0.12 OR, 0.44% WEEK OVER WEEK; INDEX CLOASED AT $27.19 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.21 percent week over week to averaging $38.90 per ton on this past Friday, ac ...
Monday, 21 March 16
THE BALTIC DRY INDEX ROSE SLIGHTLY WEEK OVER WEEK; BCI UP 11.93%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued rose this week helped by higher rates for Cape ...
Friday, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
|
|
|
Showing 2511 to 2515 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Australian Coal Association
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
|
| |
| |
|
