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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, 31 July 15
COAL PRODUCTION IN THE U.S. UP 3.6% FOR THE WEEK ENDING JULY 25
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Friday, 31 July 15
CHINA'S NEW OIL IMPORT RULES HAVE MINIMAL IMPACT ON STATUS QUO - FITCH
Fitch Ratings says that China's looser criteria for crude oil import rights are a positive but modest step towards encouraging private-sector p ...
Thursday, 30 July 15
EFFECTS OF THE CHINESE STOCK MARKET CRISIS - INTERMODAL
All evidence is currently signaling that the Chinese stock market will be the newest hurdle for the global economy. With the world's second lar ...
Wednesday, 29 July 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED HIGHER THAN Q3'15
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and gains week over week, this past week.
The Q3 swap was decl ...
Wednesday, 29 July 15
Q4' 15 FOB RICHARDS BAY COAL SWAPS DECLINE 4.41% TO $56.52 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
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- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
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- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
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- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Anglo American - United Kingdom
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
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