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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, 05 January 16
4200 GAR COAL INDEX FALL TOWARD $27;SLIPPED 28.05% YEAR-TO-DATE
COALspot.com: Average 5000 GAR coal index has not moved in the past week, averaging $40.12 per ton on last Thursday, according to CS (i) Coal Index ...
Monday, 04 January 16
CFR SOUTH CHINA COAL SWAP REMAIN FLAT OVER CHRISTMAS & NEW YEAR HOLIDAYS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Friday, 01 January 16
FOB INDONESIA COAL SWAP FOR Q1'16 DELIVERY CLOSED AT $36.75 PER TON
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month but flat week over week.
According to AsiaClear OTC coal swap' ...
Thursday, 31 December 15
COAL PRICES FELL ON WEAK DEMAND
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 ...
Thursday, 31 December 15
2016 FOB NEWCASTLE COAL SWAP RALLY TO CLOSE AT $37.98/TON
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.48 per ton (4.05%) this past week compared to the sam ...
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Showing 2626 to 2630 news of total 6871 |
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- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Australian Coal Association
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- White Energy Company Limited
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
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