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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, 05 January 14
API 8 CFR SOUTH CHINA COAL SWAP FOR Q3 DELIVERY CLOSED $ 80.05, A $ 0.90 LOWER THAN Q1 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 1.40 percept day on day closed at US$ 80.95 per mt as o ...
Sunday, 05 January 14
CENTRAL BUREAU OF INVESTIGATION OF INDIA REGISTERS CASES IN CONNECTION WITH ALLEGED SUPPLY OF LOW QUALITY INDONESIAN COAL BY A PRIVATE COMPANY TO NTPC & NSPCL
COALspot.com: The Central Bureau of Investigation of India has registered two cases regarding alleged supply of low quality imported Indonesian coal ...
Saturday, 04 January 14
THE INDONESIAN GOVERNMENT TO DOWNSIZE ITS COAL PRODUCTION TARGET TO 400 MMT THIS YEAR
COALspot.com: Indonesia to downsize its coal production target to 400 million tons in 2014, lower than the production in 2013, which stood at 421 mi ...
Friday, 03 January 14
IN 2013 RBCT HAS, FOR THE FIRST TIME, EXPORTED MORE THAN 70 MILLION TONS OF COAL
COALspot.com: South Africa's Richards Bay coal terminal, the world’s largest single coal exporting terminal shipped 6.788 million tonnes of c ...
Wednesday, 01 January 14
COAL & OIL TO SET UP ANOTHER 1,600 MW POWER PLANT IN INDIA - VENKATARAMANI
COALspot.com: Dubai-based Coal & Oil (C&O) Group is planning to make additional investment of around US$ 1.61 billion to set up 1,600 mega w ...
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Showing 3926 to 3930 news of total 6871 |
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- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
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