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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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- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Central Electricity Authority - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
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