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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, 04 November 12
SUB-BIT INDONESIA COAL SWAPS FOR DECEMBER' 12 DELIVERY FALLS TO $ 59.78
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery fell -1.02 percent on WoW but gained 0.08 percent on D-D on Friday, 2 ...
Saturday, 03 November 12
THE SUPRAMAX FREIGHT EXPECTED TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - This week the market remained soft with all the sectors soft.
The BDI and was down by 6 pct closing at 986 points. The cape index ...
Saturday, 03 November 12
DEMOLITION IS THE KEY FOR DRY BULK SHIPPING'S RECOVERY SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With the number of new building deliveries so far in 2012 already having surpassed the total of 2011, it's more than clear that the dry bulk sector ...
Thursday, 01 November 12
INDONESIA HAS REVISED DOWN ITS 2012 DOMESTIC MARKET OBLIGATION REQUIREMENT FOR COAL
COALspot.com - Minister of Energy and Mineral Resources of Indonesia has revised down its 2012 domestic market obligation requirement due to lower d ...
Thursday, 01 November 12
SOUTH KOREAN POWER UTILITY EWP TO PURCHASE 670,000 MT OF COAL FOR JAN - FEB 2013 DELIVERY
COALspot.com: Korea East-West Power Co. Ltd. on behalf of Korea South-East Power Co. Ltd., Korea Southern Power Co. Ltd., Korea Midland Power Co. Lt ...
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Showing 4516 to 4520 news of total 6871 |
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- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
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