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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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Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
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- Romanian Commodities Exchange
- PTC India Limited - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
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