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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, 11 August 12
SUB-BIT INDONESIA COAL SWAPS SEEN MOVING IN THE RIGHT DIRECTION
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 1.29 percent W-o-W on Friday (10 August 2012) closing but lost 1 ...
Friday, 10 August 12
DRY BULK MARKET DROWNING FROM TONNAGE OVERSUPPLY - HELLENIC SHIPPING
The dry bulk market has been overflowing with new building vessels, despite the fact that demand is more or less (and minus the seasonal factors) ri ...
Thursday, 09 August 12
3RD ANNUAL SHALE GAS
Press Release - With the North American shale gas boom, IBC’s 3rd Annual Shale Gas explores optimal strategies to monetize Asia’s domest ...
Wednesday, 08 August 12
EXPLOITASI AIMS TO RAISE RP 2.7T FOR ACQUISITION - THE JAKARTA POST
The Jakarta Post reported that, publicly listed coal miner PT Exploitasi Energi Indonesia (CNKO) is seeking to raise Rp 2.7 trillion (US$286.2 milli ...
Tuesday, 07 August 12
2ND ANNUAL FLOATING TERMINALS
Press Release - After a ground breaking and successful launch in 2011, the 2nd Annual Floating Terminals conferenceis back to address innovation, co ...
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- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Australian Coal Association
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
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