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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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Tuesday, 22 April 14
INDONESIAN MARCH COAL EXPORT VOLUME SURGE 9.12% TO 35.54 MMT
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.9 ...
Tuesday, 22 April 14
NEWCASTLE WEEKLY COAL EXPORTS FELL 13.33% THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 21 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Monday, 21 April 14
Q1'15 SUB-BIT FOB INDONESIA COAL SWAP SHOWING A POSITIVE TREND
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
Monday, 21 April 14
Q4 2014 AND Q1 2015 COAL SWAPS CLOSED MARGINALLY HIGHER COMPARED TO Q2 PRICES
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 0.87 percent month on month and closed at US$ 76.15 per mt as ...
Monday, 21 April 14
DRY BULK MARKET UPS AND - MOST RECENTLY - DOWNS OFFERS NO ROOM FOR RELAXING AMONG DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's latest demise, with the market retrating once again, since the end of March, has come at a time, when most ship owners ...
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- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Planning Commission, India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- The University of Queensland
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
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