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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, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
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- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
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- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Australian Coal Association
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- Heidelberg Cement - Germany
- The University of Queensland
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- IHS Mccloskey Coal Group - USA
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- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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- Alfred C Toepfer International GmbH - Germany
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- New Zealand Coal & Carbon
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- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
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- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
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- Aditya Birla Group - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
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- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- London Commodity Brokers - England
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- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
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