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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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Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
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- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Xindia Steels Limited - India
- PTC India Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Australian Coal Association
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
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