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.
|
|
Monday, 28 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP ROSE 2.73 PER CENT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery moved upward US$ 1.45 (3.04 %) per ton month over month.
A commodity ...
Sunday, 27 September 15
THE PANAMAX INDEX FELL 1.19 PCT WEEK OVER WEEK
COALspot.com: The BDI closed Friday (25/09/2015) at 943 points, down by 17 points compared to previous Friday closing (18/09/2015). The BDI wa ...
Friday, 25 September 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING SEPTEMBER 19 ROSE 2.5% PER CENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Wednesday, 23 September 15
CAPESIZE: SPOT RATES HAVE INCREASED MORE THAN 70 PER CENT DURING LAST WEEK
Dry Bulk owners, always look at September as the time that the market “signals” what lies ahead for the remainder of the year. The Chin ...
Wednesday, 23 September 15
INDONESIA: NEW REGULATION APPLIES FINAL INCOME TAX TO MINERAL AND COAL SALES - FLORENCE GRACIA SANTOSO
To increase state revenue from the mining sector, the Government of Indonesia has imposed a new final income tax on any sale of mineral and coal, a ...
|
|
|
Showing 2796 to 2800 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
|
| |
| |
|
