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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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Tuesday, 11 November 14
PORT OF NEWCASTLE'S OCTOBER COAL SHIPMENTS SLIPPED 7.40% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,115.7 mil ...
Monday, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
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- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- The University of Queensland
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Australian Coal Association
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
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