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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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Friday, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
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