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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, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
Monday, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
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- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
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