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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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Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
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- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Australian Coal Association
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
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