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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, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
Tuesday, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies tha ...
Tuesday, 21 October 14
LOW DEMAND PUTTING COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost on day, week and month.
The swap has lost US$ 1.57 (-3.04%) month on month ...
Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix ...
Monday, 20 October 14
CFR SOUTH CHINA COAL SWAPS FAILED TO PERFORM POSITIVE
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 3.04 (-4.57%) month over month and US$ 1.75 (-2.68%) week o ...
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- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
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