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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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Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Australian Coal Association
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
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