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, 11 June 18
AUSTRALIAN COAL PRICES HIT 6-YEAR HIGH AS ASIA DEMAND SPIKES - REUTERS
Australian thermal coal prices have risen to their highest level since 2012 as hot weather across North Asia spurs buying ahead of the peak summer ...
Monday, 11 June 18
ANALYSING A NEW AGE OF AUTONOMOUS VESSELS - IMO
The International Maritime Organization answers the questions of Government Europa on how the next generation of autonomous vessels can be regulate ...
Friday, 08 June 18
AUSTRALIAN THERMAL COAL PRICES SURGE AS ASIA DEMAND HEATS UP - REUTERS
Australian thermal coal prices have hit their highest level since late 2016 as the market heats up on strong demand across North Asia and China in ...
Wednesday, 06 June 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
As observed last month the price of oil hit its highest level since November 2014 reaching $80 per barrel. Global oil demand growth for 2018 was sl ...
Tuesday, 05 June 18
SOUTH KOREA'S SULPHUR CAP ALTERS ASIAN COAL MARKET DYNAMICS: RUSSELL
South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the pollutin ...
|
|
|
Showing 1701 to 1705 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- The University of Queensland
|
| |
| |
|
