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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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Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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Showing 1606 to 1610 news of total 6871 |
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- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- White Energy Company Limited
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Planning Commission, India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- The University of Queensland
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
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