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.
|
|
Wednesday, 01 April 15
SUPRAMAX & HANDY: RATES HELD STEADY TOWARDS THE WEEKEND
“Despite the fact that the Dry Bulk market closed off on the green last week, sentiment didn't improve by any means, not only because of ...
Wednesday, 01 April 15
WEEKLY SHIPPING MARKET UPDATE - INTERMODAL
There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering a ...
Wednesday, 01 April 15
Q4' 15 INDONESIA COAL SWAP CLOSED AT $45.15 W/E 27 MARCH 2015
COALspot.com: Indonesian coal swap for delivery Q2' 2015 drops month on month and week over week.
The Q2 swap declined US$ 1.54 (3.24%) mo ...
Tuesday, 31 March 15
RICHARDS BAY COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month but increased week on week.
The Q2 swap has ...
Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
|
|
|
Showing 3096 to 3100 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- The University of Queensland
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
|
| |
| |
|
