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, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implicatio ...
Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
|
|
|
Showing 3666 to 3670 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
|
| |
| |
|
