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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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Monday, 12 May 14
DRY BULK MARKET IS STILL STRUGGLING TO FIND FIRM FOOTING
COALspot.com: The freight market continued to be weak and the BDI closed slightly lower at 997 points or fell 1.96 pct week on week. The cape in ...
Friday, 09 May 14
RBCT SHIPPED 5.4 MMT OF COAL IN APRIL
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest coal export terminal in the world, shipped 5.45 million to ...
Friday, 09 May 14
DRY BULK MARKET: BANKRUPTCY TONNAGE UNLEASHED
Drewry’s latest Dry Bulk Forecaster saw freight rates on most routes declined in 2014’s first quarter as the previous quarter’ ...
Friday, 09 May 14
UNITED STATES COAL PRODUCTION SLIGHTLY SLIDES TO 82.4 MMST IN APRIL
COALspot.com – United States the world's second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal i ...
Thursday, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
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- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
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- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- The University of Queensland
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
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- Straits Asia Resources Limited - Singapore
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- India Bulls Power Limited - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
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- Energy Link Ltd, New Zealand
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- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
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- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Posco Energy - South Korea
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- Economic Council, Georgia
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- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
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- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
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- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
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- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
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- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
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- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
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- OPG Power Generation Pvt Ltd - India
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