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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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Cape
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- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Australian Coal Association
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
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