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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, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
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Wednesday, 14 January 15
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Wednesday, 14 January 15
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Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
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- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
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- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- White Energy Company Limited
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- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
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- Indian Oil Corporation Limited
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- Eastern Coal Council - USA
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- Global Green Power PLC Corporation, Philippines
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- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
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- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Indian Energy Exchange, India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
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- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- ICICI Bank Limited - India
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- Edison Trading Spa - Italy
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- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
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- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Economic Council, Georgia
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- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
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- Kartika Selabumi Mining - Indonesia
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- Australian Commodity Traders Exchange
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- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
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- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
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- Orica Mining Services - Indonesia
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- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
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- Bhushan Steel Limited - India
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- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
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- Bulk Trading Sa - Switzerland
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- Bhatia International Limited - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
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- Wilmar Investment Holdings
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