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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, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
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- Mjunction Services Limited - India
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- The State Trading Corporation of India Ltd
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- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
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- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
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- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
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- IEA Clean Coal Centre - UK
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- Price Waterhouse Coopers - Russia
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- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
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- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- The University of Queensland
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
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- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
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- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- White Energy Company Limited
- Economic Council, Georgia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
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- Coalindo Energy - Indonesia
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- Singapore Mercantile Exchange
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- Romanian Commodities Exchange
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- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
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- Jaiprakash Power Ventures ltd
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- Metalloyd Limited - United Kingdom
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