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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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Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
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- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
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