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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, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
Wednesday, 12 November 14
PANAMAX: WITNESSED A FAIRLY STABLE MARKET IN THE ATLANTIC
COALspot.com: Despite the fact that the Dry Bulk market noted another weekly increase, clouds of uncertainty returned mid-week onwards, as the mini ...
Wednesday, 12 November 14
SHIPPING MARKET INSIGHT - CHRISTOPHER T. WHITTY
COALspot.com: The fight continues between the low-cost iron ore producers and the big three: Vale, Rio Tinto and BHP Billiton. We are moving into a ...
Tuesday, 11 November 14
FACING CHALLENGES AND MEETING OPPORTUNITIES - INTERNATIONAL EPC CONFERENCE & EXHIBITION
Press Release: SKYCONNECTION and TRANSEVENT, which is fully supported by the Institution of Engineers Indonesia and Ministry of Industry of the Rep ...
Tuesday, 11 November 14
NEWCASTLE COAL SWAP CLOSED AT $ 52.65 FOR Q1' 15 DELIVERY
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery decreased US$ 2.83 (-5.10%) month over month and US$ 1.35 (-2.50%) week ove ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
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