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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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Thursday, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
Wednesday, 17 September 14
SHIPPING MARKET INSIGHT - GEORGE LAZARIDIS
Since the onslaught of 2013 the rising tide of asset prices had been primarily driven by the increasing freight market conditions and the improving ...
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- VISA Power Limited - India
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- The University of Queensland
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- PTC India Limited - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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