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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, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
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Tuesday, 06 June 17
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Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
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Friday, 02 June 17
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Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
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- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
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- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
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- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
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- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
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- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
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- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
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- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
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- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
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- The University of Queensland
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- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
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- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
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- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
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- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
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- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
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- Energy Link Ltd, New Zealand
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