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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, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Heidelberg Cement - Germany
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