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