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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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Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
Friday, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
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- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
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