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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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Wednesday, 15 July 15
ANY FUTURE IRAN OIL DEAL WILL BOOST SUPPLY FUNDAMENTALS WITH TANKER OWNERS HOPING FROM TEHRAN TO QUICKLY BOOST ITS PRODUCTION
With the Greek “Euro-drama” apparently over, at least for now, Iran’s oil deal still remains elusive, with any potential agreemen ...
Tuesday, 14 July 15
FOB NEWCASTLE COAL SWAPS MAINTAIN OVERALL NEGATIVE TONE THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.02 per MT (-2.23%) month over month to US$ 44.68 per mt. The swap ...
Tuesday, 14 July 15
CFR SOUTH CHINA COAL SWAPS DECLINE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.47 (2.82%) per MT month over month.
A commodity swap ...
Monday, 13 July 15
THERMAL COAL IMPORTS SOAR 23 PER CENT TO 24.08 MILLION TONNES AT 12 MAJOR INDIAN PORTS
Import of thermal coal jumped 23 per cent to 24.08 million tonnes at 12 major ports in the first quarter of the fiscal, even as the government cont ...
Monday, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
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Showing 2926 to 2930 news of total 6871 |
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- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- The Treasury - Australian Government
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
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