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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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Friday, 20 December 13
US PRODUCED 2.71% MORE COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal in ...
Friday, 20 December 13
DRY BULK MARKET SLUMPS AHEAD OF HOLIDAY SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As has been the case in recent years, the dry bulk market has been on a downward trend ahead of the Holiday Season for a large part of the world. Th ...
Thursday, 19 December 13
SHIPPING CONFIDENCE HITS THREE-YEAR HIGH - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for more than three years over the three-month period to November 201 ...
Wednesday, 18 December 13
SNP ACTIVITY IN CHINA SEEMS TO BE SLOWING DOWN - CHRISTOS TRAGEAS
Approaching the end of the year, SnP activity in China seems to be slowing down in comparison to the first half of this quarter, as most Chinese Shi ...
Wednesday, 18 December 13
DEMOLITION ACTIVITY SCALED BACK AS FREIGHT RATES RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's always been the case that each time we witness a spike in freight rates, demolition activity is decreasing, as owners are looking for more car ...
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- Mjunction Services Limited - India
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- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
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- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- PTC India Limited - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
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