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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, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Interocean Group of Companies - India
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- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
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- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- White Energy Company Limited
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
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- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
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- Bangladesh Power Developement Board
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