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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, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
Monday, 17 September 18
GLENCORE RETURNS TO JAPAN COAL TALKS SCUPPERED BY HIGH PRICES - BLOOMBERG
Mining giant Glencore Plc and Japanese utilities have resumed thermal coal supply negotiations, restarting talks that fell apart earlier this year ...
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Showing 1611 to 1615 news of total 6871 |
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- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
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