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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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Friday, 27 May 16
PET-COKE IMPORTS TO FACE PRESSURE IN INDIA
COALspot.com: An Indian environmental activist moved the National Green Tribunal seeking ban on the use of all forms of petroleum coke, also called ...
Friday, 27 May 16
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Thursday, 26 May 16
GIANT ORE CARRIERS SET TO PLAY A BIGGER ROLE IN THE GLOBAL SHIPPING FLEET: CHINA EMBRACES VALEMAXES - RICHARD SCOTT
Another phase of the giant ships era is approaching. Chinese shipowners placed orders recently for 30 huge ‘valemax’ ore carriers. Thes ...
Wednesday, 25 May 16
MEDIATION AS A WAY TO RESOLVE DISPUTES IN THE SHIPPING INDUSTRY - LANA JACOBS
KNOWLEDGE TO ELEVATE
The shipping market is currently experiencing a serious recession with the Baltic Dry Index and Baltic Capesize Index bot ...
Wednesday, 25 May 16
DRY BULK SNP MARKET DISPLAYS SIGNS OF STRENGTH - GEORGE ILIOPOULOS
Only a couple of weeks away from the world’s most prominent maritime event, the market for tankers displays an evident lack of confidence in ...
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- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- VISA Power Limited - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
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