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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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Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Friday, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
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- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
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- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
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- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
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- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
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- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
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- Commonwealth Bank - Australia
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- Australian Coal Association
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- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
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- Mintek Dendrill Indonesia
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- Tamil Nadu electricity Board
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- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
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- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
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- Singapore Mercantile Exchange
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Parliament of New Zealand
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- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
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- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
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