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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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Tuesday, 19 January 16
HAPPY NEW YEAR, COAL PRODUCERS! OR MAYBE NOT - ANDY ROBERTS
To coal producers, 2015 must have seemed far longer than 365 days. From their perspective, as bad as markets were at the beginning of the year, and ...
Tuesday, 19 January 16
COALTRANS ASIA IS RETURNING TO BALI
22nd Coaltrans Asia
Coaltrans Asia is returning to Bali to bring together over 1000 industry decision makers and thought leaders for three day ...
Monday, 18 January 16
INDONESIAN 5700 GAR COAL INDEX ROSE 0.60% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline slightly week over week to averaging $39.93 per ton on this past Friday, acc ...
Monday, 18 January 16
BALTIC DRY SHIPPING INDEX DROPS TO 373 POINTS; DECLINE 13% WEEK OVER WEEK
COALspot.com: The freight market dropped this week as the BDI declined further 13 percent to 373 points week over week. The Cape index ...
Monday, 18 January 16
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 42.50 PER TON; UP 1% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.43 (1.02%) per ton month over month.
A commodity swap is ...
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- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Planning Commission, India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
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