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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, 26 March 14
LARGE AMOUNT OF VESSELS CHARTERED TO HAUL IRON ORE CARGOES TO CHINESE BUYERS THIS WEEK - COMMODORE RESEARCH & CONSULTANCY
COALspot.com: Through the first three days of this week, 18 dry bulk vessels have been chartered to haul spot iron ore cargoes to Chinese buyers ...
Wednesday, 26 March 14
JOIN IN THE CLEAN COAL CASE STUDY WITH SINOPEC!
Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite Experts ...
Tuesday, 25 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR Q2 DELIVERY CLOSED $ 57.40 PMT W/E 21 MARCH 2014
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Tuesday, 25 March 14
NEWCASTLE COAL EXPORTS JUMP 29.16% TO 2.79 MMT WEEK ON WEEK
COALspot.com: In the week ended 24 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2.79 ...
Monday, 24 March 14
SGX'S Q2'14 CFR SOUTH CHINA COAL SWAP CLOSES SLIGHTLY HIGHER W-O-W
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.81 percent month on month and closed at US$ 74.82 per mt as o ...
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- International Coal Ventures Pvt Ltd - India
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- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
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- Tamil Nadu electricity Board
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- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Parliament of New Zealand
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- Semirara Mining Corp, Philippines
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- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
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- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
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- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
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- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
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- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
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- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
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- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
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- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
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- Electricity Authority, New Zealand
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- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
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- Wilmar Investment Holdings
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- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
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- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
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- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
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- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
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- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
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- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
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- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Australian Coal Association
- CNBM International Corporation - China
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
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- The University of Queensland
- Banpu Public Company Limited - Thailand
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- Karbindo Abesyapradhi - Indoneisa
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- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
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