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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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Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Friday, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
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- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
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