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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, 20 January 14
SUB-BIT INDONESIA COAL SWAP SEEN LOWER IN 2ND HALF OF 2014
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 0.78 pmt month on month on Friday 17 January 2014. T ...
Monday, 20 January 14
THE CFR SOUTH CHINA COAL MARKET APPEARS TO HAVE LOST DIRECTION
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 4.25 percept month on month and closed at US$ 79.48 per mt as ...
Sunday, 19 January 14
FREIGHT MARKETS SEE CONTINUED WEAK PERFORMANCE
COALspot.com: The market has continued to soften particularly in the far East/SE Asia sector.
The BDI was down 6 pct week on week, the index was ...
Friday, 17 January 14
US COAL PRODUCTION DOWN WEEK ON WEEK: EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.3 million short tons (mmst) of co ...
Friday, 17 January 14
DRY BULK MARKET ENDS DECLINE, BOUNCES BACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a rough start to the New Year for the dry bulk market, which was supposed to be on the verge of rallying to new heights this year, on the ...
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- Eastern Coal Council - USA
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
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- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- PTC India Limited - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
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