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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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Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
Tuesday, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
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- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Australian Coal Association
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
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