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, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
|
|
|
Showing 1576 to 1580 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
|
| |
| |
|
