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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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Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
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Showing 3506 to 3510 news of total 6871 |
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- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
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