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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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Sunday, 13 July 14
PANAMAX INDEX GAINS SLIGHTLY THIS WEEK; CAPE INDEX FALLS ALMOST 21.40%
COALspot.com: This week the freight market fell again after gaining last week. The cape index was down almost 21.40 pct and closed at 1465 points.
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Friday, 11 July 14
EUROPE HAS A SUBSTANTIAL SURPLUS IN COAL SUPPLIES; RENEWABLE ENERGIES ARE REDUCING THE FULL-LOAD OPERATING HOURS OF HARD COAL-FIRED POWER PLANTS - VDKI
COALspot.com: General conditions for coal-fired power plants must be improved if the energy turnaround is to be a success, said German coal importe ...
Friday, 11 July 14
DR.CIESLIK RE-ELECTED AS CEO OF GERMAN COAL IMPORTER ASSOCIATION (VDKI)
Press Release : Dr Cieslik re-elected as CEO of German Coal Importer Association (VDKi) for the period 2014 – 2018. The German Coal Importer ...
Friday, 11 July 14
PORT OF NEWCASTLE SHIPPED $ 1.031 BILLION WORTH OF 11.744 MILLION TONS OF COAL IN JUNE 2014
COALspot.com: Port of Newcastle has shipped 11,744,396 tons of coal for the month ended 30 June 2014. According to Port’s monthly report, YTD ...
Friday, 11 July 14
UNITED STATE'S MONTHLY COAL OUTPUT FALLS 5.53% IN JUNE
COALspot.com – United States the world's second largest coal producer, produced approximately 18.1 million short tons (mmst) of coal in a ...
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Showing 3606 to 3610 news of total 6871 |
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- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- PTC India Limited - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
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