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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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Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
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- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
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