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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, 16 February 14
SUPRAMAX : THE FAR EAST/SE ASIA CHARTER RATES FIRMED UP
COALspot.com: The freight market had a mixed reaction this week with BDI increased by 1.37 pct and closing at 1106 points on Valentine day. The cape ...
Friday, 14 February 14
US COAL PRODUCTION STILL SLIPPING
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.9 million short tons (mmst) of coal in ...
Thursday, 13 February 14
PANAMAX : NOT ENOUGH REQUIREMENTS TO KEEP THE ATLANTIC MARKET FLOATING - FEARNLEYS AS
Handy
After the Chinese holidays the week started on a positive note. Owners are talking higher rates but chrtrs are still somehow reluctant to mov ...
Thursday, 13 February 14
DRY BULK MARKET FACES BETTER PROSPECTS ON THE BACK OF IMPROVING DEMAND AND SUPPLY BALANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has started off the New Year on the "left foot", with the strong finish of 2013 proving to be unsustainable, on the ba ...
Wednesday, 12 February 14
NEW BUILDING ORDERS REACHING NEW POST-CRISIS HEIGHTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are looking to take advantage of the last few attractive deals in the new building market, before prices start climbing to new highs and ...
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- Kaltim Prima Coal - Indonesia
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- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
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- CIMB Investment Bank - Malaysia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
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- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
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- Economic Council, Georgia
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- Ministry of Finance - Indonesia
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- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
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- GAC Shipping (India) Pvt Ltd
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- CNBM International Corporation - China
- Mintek Dendrill Indonesia
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- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
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- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
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- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- MS Steel International - UAE
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- PowerSource Philippines DevCo
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- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
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- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- The University of Queensland
- Cement Manufacturers Association - India
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- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
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