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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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Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
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- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Planning Commission, India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
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