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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, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
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- Star Paper Mills Limited - India
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- Wilmar Investment Holdings
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- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- The University of Queensland
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- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- VISA Power Limited - India
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- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
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- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Deloitte Consulting - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
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- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
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- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Planning Commission, India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
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