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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, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
Monday, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
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Showing 3351 to 3355 news of total 6871 |
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- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- The University of Queensland
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
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