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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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Sunday, 22 September 13
BDI STRENGTHENS FURTHER AS CAPESIZE FREIGHT RATES JUMP - CAPT. REDDY
COALspot.com: The freight market continued its upward trend and maintaining the moment with BDI and Cape index up by 16 pct week on week. The Capesi ...
Sunday, 22 September 13
API 8 CFR SOUTH CHINA COAL SWAPS ADVANCE
COALspot.com : SGX has launched API 8 CFR South China Coal Swap on 29 April 2013 and SGX replaced the previous swap.
API 8 CFR South China Coal s ...
Sunday, 22 September 13
SUB-BIT INDONESIA COAL SWAPS REMAIN UNDER PRESSURE
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery down 2.09 percept month on month on Friday 20 September 2 ...
Friday, 20 September 13
SHIP OWNERS INVEST MORE THAN $9.2 BILLION ON NEW BUILDING VESSELS DURING AUGUST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the fact that August is traditionally a slow month in terms of ships investment activity, ship owners have grasped this year the opportunity ...
Friday, 20 September 13
DRY BULK MARKET REACHES NEW HEIGHTS THIS WEEK STANDING AT THREE-YEAR HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The biggest rally of the dry bulk market in more than three years have brought back joy among ship owners, especially those active in the Capesize m ...
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- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
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