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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, 14 July 12
FREIGHT MARKET SEEMS TO BE QUITE VOLATILE - VISTAAR
COALspot.com - The market seems to be quite volatile with the trend changing almost every week. This week all the segments were down except for Pana ...
Friday, 13 July 12
TRANSCOAL MINERGY HAS RECEIVED PMA STATUS IN INDONESIA
COALspot.com - PT Transcoal Minergy (“TCM”) has received official foreign owned company status from the Capital Investment Coordinating ...
Thursday, 12 July 12
LACK OF CAPESIZE DEMAND DRAGS DRY BULK MARKET LOWER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lack of demand for the larger Capesize dry bulk carriers had as a result the fall of the industry’s benchmark, the BDI (Baltic Dry Index), w ...
Thursday, 12 July 12
RIO TINTO'S SENIOR MANAGEMENT CHANGES
COALspot.com - Rio Tinto is making changes to its senior management team as chief financial officer (CFO) Guy Elliott has decided to retire at the e ...
Thursday, 12 July 12
SOUTHGOBI RESOURCES ANNOUNCES NOTICE OF INVESTMENT DISPUTE FILED AGAINST MONGOLIAN GOVERNMENT
Press Release - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi”) announced today that SGQ Coal Investment Pte. Ltd., a wholly ...
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- Energy Development Corp, Philippines
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- Kumho Petrochemical, South Korea
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- London Commodity Brokers - England
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- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
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- PowerSource Philippines DevCo
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- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
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- Indo Tambangraya Megah - Indonesia
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- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
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- Ministry of Finance - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Electricity Authority, New Zealand
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- Orica Mining Services - Indonesia
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- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
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- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Merrill Lynch Commodities Europe
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- GMR Energy Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
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- Jindal Steel & Power Ltd - India
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- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
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- Jorong Barutama Greston.PT - Indonesia
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- Economic Council, Georgia
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- Ministry of Transport, Egypt
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- VISA Power Limited - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
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- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
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- Formosa Plastics Group - Taiwan
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- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
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- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Independent Power Producers Association of India
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- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- The University of Queensland
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
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- Eastern Coal Council - USA
- Cement Manufacturers Association - India
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- Deloitte Consulting - India
- Medco Energi Mining Internasional
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- South Luzon Thermal Energy Corporation
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