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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, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
Monday, 23 June 14
INDONESIAN COAL SWAP FOR Q3 DELIVERY LOST 8.60% Y-O-Y;4.80% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
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- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
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