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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, 18 May 14
FREIGHT RATES ARE EXPECTED TO BE FIRM NEXT WEEK
COALspot.com: The freight market was steady with the BDI was closed slightly higher at 1027 points or up 3.00 pct week on week.
The Cape ...
Friday, 16 May 14
KOMIPO IS LOOKING FOR 60K MT OF LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 60,000 Metric Tons (MT) of low volatile bitumi ...
Friday, 16 May 14
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 15 May 14
PANAMAX : SHORT PERIOD UP TO ONE YEAR REPORTED IN THE 12.000-12.500 RANGE - FEARNRESEARCH
Handy
The Supra and handy market seems to be affected by the recent holidays in Singapore which still relatively quiet. There are some Indo / ...
Thursday, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
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- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
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- Directorate Of Revenue Intelligence - India
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- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
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- The State Trading Corporation of India Ltd
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- Electricity Authority, New Zealand
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- Bangladesh Power Developement Board
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- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
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- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
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- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
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