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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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Sunday, 30 November 14
SUPRAMAX COAL FREIGHT RATES FROM INDONESIA TO INDIA : FIRM
COALspot.com: The BDI fell 171 points and closed at 1153 points on Friday 28 November 2014. The Cape index also lost 887 points and closed at 2151 ...
Friday, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
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- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- The Treasury - Australian Government
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
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