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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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Friday, 23 May 14
DRY BULK NEWBUILDING CANCELLATIONS COULD HELP SUPPORT MARKET IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's demise over the past few months maybe has come as a surprise to many, but analysts and shipbrokers are looking forward to ...
Thursday, 22 May 14
HEAR SUCCESSFUL CASE STUDIES FROM 10 INDEPENDENT UNCONVENTIONAL GAS OPERATORS
Unconventional Gas Asia 2014 will provide a unique opportunity for Asia’s unconventional gas leaders to share their experience and expertise ...
Thursday, 22 May 14
CNPC-GAZPROM DEAL A MEDIUM - TERM POSITIVE FOR CHINA'S GAS SECTOR
Fitch Ratings says a 30-year deal in which Russia's OAO Gazprom (BBB/Negative) will supply gas to China National Petroleum Corporation (CNPC; A ...
Thursday, 22 May 14
CAPESIZE : RATES ARE STILL UNDER PRESSURE
Handy
A quiet start into the week in Far East, some fresh Indonesian coal order in the market. For trips within S.E. Asia, Supras are trading aro ...
Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
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- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
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- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
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- Star Paper Mills Limited - India
- Ministry of Mines - Canada
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
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- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
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- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
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- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
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- Cement Manufacturers Association - India
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- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
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- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Tamil Nadu electricity Board
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- Cigading International Bulk Terminal - Indonesia
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- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
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- Independent Power Producers Association of India
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- GVK Power & Infra Limited - India
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- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
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- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Sical Logistics Limited - India
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- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
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- Minerals Council of Australia
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- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
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- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
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- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
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- New Zealand Coal & Carbon
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