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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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Friday, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...
Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...
Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...
Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015.
Accord ...
Thursday, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...
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Showing 2526 to 2530 news of total 6871 |
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- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- The University of Queensland
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
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