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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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Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
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