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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, 08 September 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO SHOW DECLINING TREND
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Tuesday, 08 September 15
GANGAVARAM PORT IN INDIA DISCHARGES RECORD 112,599 MT OF STEAM COAL IN 24 HOURS
COALspot.com: Gangavaram Port, an all weather, multipurpose port with water depth up-to 21 meters, capable of handling fully laden Super Cap ...
Monday, 07 September 15
THE MINE OF THE FUTURE WILL HAVE ONLY TWO EMPLOYEES, A MAN AND A DOG - SCOTT MCGOWAN
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Scott Mcgowan, Director, Global ...
Monday, 07 September 15
FOB NEWCASTLE COAL SWAP FOR Q2' 16 DELIVERY CLOSED US CENTS 25 LOWER COMPARED TO Q4' 15
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.73 per MT (-1.68%) month over month to US$ 42.65 per mt. The sw ...
Monday, 07 September 15
CFR SOUTH CHINA COAL SWAPS ROSE 1.1 PER CENT WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.52 (3 %) per MT month over month.
A commodity sw ...
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Showing 2826 to 2830 news of total 6871 |
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- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- The University of Queensland
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
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