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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, 07 January 14
INDONESIA RAISES COAL PRICE THIS MONTH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 1.59 / MT ...
Tuesday, 07 January 14
NEWCASTLE COAL TERMINAL'S COAL EXPORTS SLIDE TO 3.54 MMT W/E 30 DECEMBER 13
COALspot.com: In the week ended December 30, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.54 ...
Tuesday, 07 January 14
US COAL OUTPUT SLIDES 9 PCT WEEK ON WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.8 million short tons (mmst) of coal in ...
Monday, 06 January 14
ARGUS LAUNCHES SPOT CFR EAST COAST INDIA COAL ASSESSMENTS
COALspot.com: Global energy and commodity news and price reporting agency Argus has announced today that, the company has launched CFR coal assessme ...
Monday, 06 January 14
INDONESIAN COAL SWAPS SLIDE TO $ 61.25 FOR Q4' 14 DELIVERY
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 0.32 pmt month on month on Friday 3 January 2014. Th ...
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- ICICI Bank Limited - India
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- Antam Resourcindo - Indonesia
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- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
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- Iligan Light & Power Inc, Philippines
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- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
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- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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- London Commodity Brokers - England
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- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Planning Commission, India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
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