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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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Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
Monday, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
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- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- PTC India Limited - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
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