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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, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
Wednesday, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
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- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Australian Coal Association
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- The University of Queensland
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- White Energy Company Limited
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
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