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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, 27 September 13
TAIWAN'S FORMOSA TO IMPORT 140K MT OF BITUMINOUS COAL FOR Q4
COALspot.com : Taiwan's Formosa Plastics Group is inviting bids for 140,000 mt of bituminous coal for delivery in the Q4 for its China plant.
Ac ...
Friday, 27 September 13
CAPESIZES REGAINING PART OF THEIR FORMER GLORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The latest dry bulk market rally has been nothing short of spectacular, with freight rates more than doubling over the past few weeks. This growth h ...
Friday, 27 September 13
US PRODUCED 19.30 MMST OF COAL IN SEVEN DAYS
COALspot.com – United States the world’s second largest coal producer produced approximately 19.30 million short tons (mmst) of coal in ...
Thursday, 26 September 13
PANAMAX MARKET CONTINUE WITH STRONG RATES IN BOTH BASINS - FEARNRESEARCH
Handy
Feast rates are still firm, some fresh stems entered the market. Vessels trading around $15k passing Singapore for coal to India, and a bit l ...
Thursday, 26 September 13
INTERCARGO PUBLISHES BENCHMARKING BULK CARRIERS 2012-13 REPORT
The International Association of Dry Cargo Shipowners (Intercargo) has today launched Benchmarking Bulk Carriers 2012-13, the latest edition of our ...
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- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- MS Steel International - UAE
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
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