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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, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
Tuesday, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
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- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
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