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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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Wednesday, 23 August 17
THE STRONG IRON ORE TRADE ROUTES SUPPORT CAPESIZE SEGMENT - INTERMODAL
The upward trend in the Capesize segment is definitely being supported by the strong momentum in the key iron ore trade routes. The price of high-q ...
Tuesday, 22 August 17
WHAT IS A RELEASE CALL?
KNOWLEDGE TO ELEVATE
Joining a mutual P&I Club means each Member shares in the fortunes of that Club and its membership. The continuity of ...
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THOSE DOG DAYS OF SUMMER STEEL PRODUCTION IN CHINA - COMMODORE
COALspot.com: One popular but inaccurate narrative that makes the rounds every June and July (and occurred again this year) is that China’s s ...
Monday, 21 August 17
BANPU REVEALS FIRST HALF 2017 WITH STRONG RESULTS; SUPPORTED BY HIGHER COAL PRICES
Banpu Reveals First Half 2017 with Strong Results from Higher Coal Prices Gearing Up to the Era of New Energy with Banpu Greener & Smarter Stra ...
Monday, 21 August 17
INDIA'S COAL IMPORTS DECLINE TO 192 MT IN FY17 - PTI
Import of coal saw a decline of 6.37 per cent to 191.95 million tonnes (MT) in 2016-17 on higher production by CIL that saw the country move to a r ...
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Showing 1961 to 1965 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Planning Commission, India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
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