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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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Wednesday, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
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Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic ...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
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- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
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- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
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- Pendopo Energi Batubara - Indonesia
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- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
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- Economic Council, Georgia
- Kumho Petrochemical, South Korea
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- MS Steel International - UAE
- Planning Commission, India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
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- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Australian Coal Association
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
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- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
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- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
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- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
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- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
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- Standard Chartered Bank - UAE
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- Gujarat Mineral Development Corp Ltd - India
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- GMR Energy Limited - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
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- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Parliament of New Zealand
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