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.
|
|
Friday, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
|
|
|
Showing 3106 to 3110 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- PTC India Limited - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
|
| |
| |
|
