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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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Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
Friday, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
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- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
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