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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, 16 November 12
HANDY : IRON ORE WAS QUIET AND RATES FROM INDIA TO CHINA AROUND USD 5500
Handy
The Atlantic was weak with more supply of ships. Rates from Continent/ Feast at USD 9000 and from USG/China at USD 15k. The Pacific market re ...
Wednesday, 14 November 12
AUSTRALIAN NEWCASTLE PORT HAS LOADED 11.14 PERCENT MORE COAL W-W
COALspot.com - Newcastle port in Australia has loaded 3,100,686 MT of thermal and coking coal for week ended – 0700 hours 12 November 2012, Ne ...
Tuesday, 13 November 12
INITIAL COAL PRODUCTION AT KATINGAN RIA ON TRACK FOR 2013 FOLLOWING GRANTING OF 'IN PRINCIPLE' FORESTRY PERMIT, INDONESIA
Realm Resources Ltd (“Realm” or the “Company” - ASX: RRP) has announced that its application to upgrade its exploration fore ...
Tuesday, 13 November 12
BULK PORTS & TECHNOLOGY ASIA 2013
Press Release - TOC Events are pleased to announce a new addition to our global portfolio with the launch of the inaugural Bulk Ports & Technolo ...
Monday, 12 November 12
THE ESTABLISHMENT OF NORTH KALIMANTAN AS A NEW PROVINCE WILL NOT AFFECT THE LOCAL MINING COMPANIES
The government of Indonesia has ensured that the establishment of North Kalimantan as a new province will not affect the local mining companies ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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