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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, 24 March 15
RICHARDS BAY COAL SWAP FOR DELIVERY Q2 CLOSED $ 1.87 HIGHER COMPARED TO Q3 CLOSING PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has dropped U ...
Tuesday, 24 March 15
ARGUS MEDITERRANEAN SOLID FUELS 2015 CONFERENCE | 2-3 JUNE, ISTANBUL
Press Release: Argus Media is proud to announce Argus Mediterranean Solid Fuels, which will be held in Istanbul,on 2-3February.
Argus produces ...
Monday, 23 March 15
IS OIL GETTING READY TO PLUNGE BELOW $40? - FORBES
KNOWLEDGE TO ELEVATE
In my last crude oil market update in late-February, I expressed my skepticism toward the oil price rebound. Since then, ...
Monday, 23 March 15
Q4' 2015 FOB NEWCASTLE COAL SWAPS DECLINED 6.79% M-O-M; 2.55% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.42 per MT (-6.33%) month over month and US$ 1.37 (-2.77%) we ...
Monday, 23 March 15
CFR SOUTH CHINA COAL SWAP: Q3 DELIVERY HAS FALLEN 7.93% MONTH-ON-MONTH
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.09 (-7.06%) per MT month over month and US$ 2.00 (-3 ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- The University of Queensland
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
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