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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, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
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- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
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