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.
|
|
Monday, 11 August 14
SGX CFR SOUTH CHINA COAL SWAPS DIRECTION HEADING TO NORTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.50 (+0.74%) day on day and US$ 1.55 (+2.33%)&nbs ...
Monday, 11 August 14
A TALE OF TWO TRADES - EVA TZIMA
COALspot.com: It has without a doubt been “a cruel, cruel summer” for the Dry Bulk market so far and with second hand values still stan ...
Sunday, 10 August 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com: This week the BDI and other segments saw some improvements. The BDI increased by 3.46 pct week on week and closed at 777 points.
...
Friday, 08 August 14
MINING DISPUTE IS CRIPPLING LOCAL ECONOMIES IN EASTERN INDONESIA - JG
- By Iwan Harsono -
It seems as if there’s no end in sight to the series of negotiations between the government and mining companies about ...
Friday, 08 August 14
CAPESIZE RATES ARE REMAINING MORE OR LESS UNCHANGED AT BOTTOM LOW LEVELS - FEARNLEYS AS
Handy
An improving sentiment with stronger rates and fair demand for prompt tonnage in the Atlantic, both on the Continent and in the Med for the ...
|
|
|
Showing 3551 to 3555 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
|
| |
| |
|
