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.
|
|
Thursday, 13 March 14
HANDY: THE FAR EAST MARKET IS IN AN UPWARD TREND - FEARNRESEARCH
Handy
Atlantic is a bit under pressure for spot tonnage, but the underlying sentiment is positive for the short medium future. 2-3 legs are do ...
Thursday, 13 March 14
MARKET INSIGHT - CHRISTOPHER T. WHITTY
By Christopher T. Whitty
Marketing Manager
Cotzias Intermodal Shipping Inc.
During the last year we have noticed that a fair number of ...
Wednesday, 12 March 14
ADARO ENERGY IMPROVES EFFICIENCY AND GENERATED STRONG EBITDA IN 2013
COALspot.com: PT Adaro Energy Tbk, Indonesia's single largest coal miner posted revenue of US$ 3.28 billion and cost of revenue of US$ 2.54 ...
Wednesday, 12 March 14
DGOMC OF INDONESIA REVISED DOWN THE BENCHMARK PRICES FOR COAL BY 4.26% IN MARCH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down the government's declared coal bench mark price ...
Wednesday, 12 March 14
DRY BULK VESSELS STILL THE CREAM OF THE CROP FOR SHIP OWNERS
Dry bulk carriers have remained the most popular vessel type among ship owners as proven by the sheer number of second hand vessel sales and new ...
|
|
|
Showing 3801 to 3805 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Australian Coal Association
- India Bulls Power Limited - India
|
| |
| |
|
