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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, 20 November 13
TAIPOWER TO IMPORT 0.825 MMT OF 5000 GAR COAL FOR Q2' 14
COALspot.com: Taiwan Power Company intends to procure 825,000 metric tons of general sub-bituminous coal with calorific value not lesser than 5,000 ...
Wednesday, 20 November 13
CAPES AND PANAMAXES SOFTENING; SMALLER SIZE SEGMENTS FIRMING FURTHER - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable- )
The BDI has closed off the week on the red, with rates for Capes and Panamaxes softening and those fo ...
Tuesday, 19 November 13
INDONESIAN GOVERNMENT'S DECLARED COAL PRICE REFERENCE UP 1.98% IN NOVEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 1.52 / MT ...
Tuesday, 19 November 13
WEEKLY COAL EXPORTS FROM NEWCASTLE PORT INCREASED BY 20.59%
COALspot.com: In the week ended November 18, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.92& ...
Tuesday, 19 November 13
SHIP OWNER POUR MORE MONEY INTO DRY BULK CARRIER ACQUISITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The recent dry bulk market's rally, coupled with an expected fall in oversupply and robust cargo demand has boosted ship owners' optimism on the l ...
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- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Minerals Council of Australia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
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