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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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Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
Wednesday, 12 November 14
PANAMAX: WITNESSED A FAIRLY STABLE MARKET IN THE ATLANTIC
COALspot.com: Despite the fact that the Dry Bulk market noted another weekly increase, clouds of uncertainty returned mid-week onwards, as the mini ...
Wednesday, 12 November 14
SHIPPING MARKET INSIGHT - CHRISTOPHER T. WHITTY
COALspot.com: The fight continues between the low-cost iron ore producers and the big three: Vale, Rio Tinto and BHP Billiton. We are moving into a ...
Tuesday, 11 November 14
FACING CHALLENGES AND MEETING OPPORTUNITIES - INTERNATIONAL EPC CONFERENCE & EXHIBITION
Press Release: SKYCONNECTION and TRANSEVENT, which is fully supported by the Institution of Engineers Indonesia and Ministry of Industry of the Rep ...
Tuesday, 11 November 14
NEWCASTLE COAL SWAP CLOSED AT $ 52.65 FOR Q1' 15 DELIVERY
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery decreased US$ 2.83 (-5.10%) month over month and US$ 1.35 (-2.50%) week ove ...
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- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Australian Coal Association
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- PTC India Limited - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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