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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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Saturday, 25 August 12
INDONESIAN COAL SWAP REMAINS STABLE AT LOW LEVEL
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery gain 0.804 percent W-o-W on Friday (24 August 2012) closing but lost 0. ...
Thursday, 23 August 12
INDONESIA-INDIA, LARGE ECO SUPRA FIXED AT USD 6K FOR DELIVERY SOUTH CHINA - FEARNLEYS AS
Handy
The market continued the same trend as last week, low activity and holidays in some countries.
Rate wise unchanged, with US Gulf/Continent ...
Thursday, 23 August 12
EGCO GROUP EXPANDS TOWARDS INTEGRATED ENERGY BUSINESS WITH INVESTMENT IN INDONESIAS COAL MINE
Electricity Generating Public Company Limited or EGCO Group, the Thailand’s first Independent Power Producer has continually invaded foreign m ...
Thursday, 23 August 12
EGCO GROUP ANNOUNCES 2 BILLION BAHT PROFITS IN Q2/2012
Successfully Establishes Integrated Energy Business and Strengthen Investments in ASEAN
Mr. Sahust Pratuknukul, President of Electri ...
Monday, 20 August 12
CHINESE COAL SWAPS RISE, INDONESIAN COAL CONTRACTS SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost -2.05 percent W-o-W on Friday (17 August 2012) closing but gained ...
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- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
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- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
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- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
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- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- The University of Queensland
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
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- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
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- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
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- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
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