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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, 19 November 14
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CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
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- Bharathi Cement Corporation - India
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- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
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- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
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- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
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- Thiess Contractors Indonesia
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- Singapore Mercantile Exchange
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- PTC India Limited - India
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- Altura Mining Limited, Indonesia
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- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
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- Billiton Holdings Pty Ltd - Australia
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- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
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- Planning Commission, India
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- Leighton Contractors Pty Ltd - Australia
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- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
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- SMC Global Power, Philippines
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- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
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- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
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- Parliament of New Zealand
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- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
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- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Kobexindo Tractors - Indoneisa
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- Deloitte Consulting - India
- Edison Trading Spa - Italy
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
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- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
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- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
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- Merrill Lynch Commodities Europe
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- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
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- Gujarat Mineral Development Corp Ltd - India
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