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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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Tuesday, 11 November 14
PORT OF NEWCASTLE'S OCTOBER COAL SHIPMENTS SLIPPED 7.40% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,115.7 mil ...
Monday, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
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- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
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