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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
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