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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, 10 March 13
INDIA - INDONESIA SUPRAMAX FREIGHT : FIRM TREND
COALspot.com – This week freight market was raised and remained firm in all segments.
The BDI was up by 6.70 pct closed at 843 points, ...
Sunday, 10 March 13
INDONESIA'S FORESTRY DEPARTMENT IS TO INCREASE BORROW-TO-USE PERMITS (IJIN PINJAM PAKAI) FEE SOON
COALspot.com : Indonesia to increase borrows-to-use permit fees by 33.33 percent. The government of Indonesia is planning to increase the state&rsqu ...
Friday, 08 March 13
EKO SANTOSO BUDIANTO APPOINTED AS PRESDIENT DIRECTOR OF BERAU COAL ENERGY
COALspot.com - PT Berau Coal Energy has appointed Eko Santoso Budianto as new president director, replacing Rosan Roeslani. Berau’s extraordin ...
Friday, 08 March 13
INDONESIAN HBA UP FOR FIVE CONSECUTIVE MONTHS
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in March 2013.
The monthly coal reference ...
Friday, 08 March 13
DRY BULK MARKET ON A RISING TREND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has continued its rising pattern set after China opened up again for business, following the Asian New Year Holidays. As a resul ...
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- Parliament of New Zealand
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- PTC India Limited - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Australian Coal Association
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Economic Council, Georgia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
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