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Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
 China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled “Provisional Measures on the Collection of Tax on Non-Resident Taxpayers Engaged in International Transportation Business” (Bulletin of the State Administration of Taxation 2014, No. 37) is to strengthen the tax administration of foreign companies operating international transportation business with China.
What has changed?
Until recently, China had only been taxing international outbound routes with an effective tax rate of 1.25% on the gross revenue. The new rules extend the scope of the tax to inbound routes, and increase the tax rate. As of August 1st, 2014, freights of non-resident shipping companies operating in international routes towards Chinese ports are expected to pay a new tax rate (Enterprise Income Tax – EIT) of 25% on profit. The tax is levied on freights on voyage charters and time charters.
How will the new tax be collected?
Currently there are three options for collection, however further clarification is expected:
1. Tax registration in China: Non-resident shipping companies will have to register with Chinese tax authorities and comply with local bookkeeping and tax rules. The tax at the rate of 25% will be levied on the declared net profit, or
2. Tax on deemed profit: where the enterprises are unable to calculate and report taxable income accurately, they can register and pay tax on a deemed profit. The profit rate cannot be less than 15% and the tax rate will be 25%. Therefore, for a freight of $100, it will be deemed that there is a $15 profit, for which a 25% tax will be due (therefore an effective tax rate of 3.75%), or
3. Have tax withheld by an agent: instead of registering with the Chinese authorities, a company can pay the tax at the rate of 25% on the assumed 15% profit, by having the tax withheld by the customer or other persons designated by the local tax authorities as withholding agents.
How does this impact Greek shipping?
The Double Taxation Agreement (“DTT”) and the Merchandise Franchise Agreement (“MFA”), which Greece and China have in place, protect Greek shipping companies or non-Greek shipping companies that are managed by Greek management offices by exempting them from any tax on freight transportation income in Chinese ports. It is important to note that the exemption is not automatic; once the Chinese authorities finalize the filing requirements, close attention shall need to be paid to the completion of necessary documentation in order to secure the exemption.
Additionally, the Greek Government is in the process of setting up further safeguards by amending laws related to tax residency certificates in order to ensure that the Greek shipping companies will be exempted from this new levy. In this case, the impact of the new law could only be compliance requirements and not actual tax costs. However, it is still unclear if the DTT and the MFA mentioned above and the submission of the necessary tax residency certificate will have the power to secure shipping companies exemption from this tax law. Deloitte is following closely any development and will keep its clients informed on any news.
Deloitte’s global shipping leader, George Cambanis, commented, “Provided the proposed amendments to the current Greek law enable management offices to obtain the tax residency certificates which would then exempt Greek shipping companies from this new Chinese tax law the only downside to Greek shipping would be the administrative cost of compliance.”
Source: Deloitte / Hellenic Shipping
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Tuesday, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
Tuesday, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
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- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Planning Commission, India
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- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
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- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
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