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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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Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
Monday, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
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- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- The University of Queensland
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
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