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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, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
Monday, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
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Showing 3351 to 3355 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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