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