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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, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- The University of Queensland
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
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