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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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Thursday, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
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- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- PTC India Limited - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- The University of Queensland
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
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