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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, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
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- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
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- Bhoruka Overseas - Indonesia
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- Star Paper Mills Limited - India
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- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
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- Leighton Contractors Pty Ltd - Australia
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- Economic Council, Georgia
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- Goldman Sachs - Singapore
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- Vedanta Resources Plc - India
- White Energy Company Limited
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- Wood Mackenzie - Singapore
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- Australian Coal Association
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- Indian Oil Corporation Limited
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- Ministry of Transport, Egypt
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- Bangladesh Power Developement Board
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- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
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- London Commodity Brokers - England
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- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
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- Commonwealth Bank - Australia
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- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
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- Mercator Lines Limited - India
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- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
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- Pendopo Energi Batubara - Indonesia
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- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
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- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
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- AsiaOL BioFuels Corp., Philippines
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- Indo Tambangraya Megah - Indonesia
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- CNBM International Corporation - China
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- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
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- Bayan Resources Tbk. - Indonesia
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- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
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- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
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- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
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- Aditya Birla Group - India
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- Planning Commission, India
- Iligan Light & Power Inc, Philippines
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- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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