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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, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider t ...
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- The University of Queensland
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Bhatia International Limited - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Minerals Council of Australia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
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