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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, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
Friday, 17 October 14
INTERNATIONAL COAL PRICES ARE AT LOWEST LEVEL; COAL STOCKS AT INDIAN POWER PLANTS ARE ALSO AT LOWEST LEVEL
International coal prices as well as coal freights are falling and reaching to its lowest levels. According to PTI, fuel stockpiles at the thermal ...
Friday, 17 October 14
U.S. COAL PRODUCTION UP BY 3.6% WEEK - ON - WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 17 October 14
DRY BULK SHIPPING'S OUTLOOK NOW SHIFTING TO A LESS PROMISING ONE, SHIP PRICES EXPECTED TO FOLLOW SOON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
China’s and other Asian countries’ return to the dry bulk market last week, didn’t trigger the hoped support towards the dry bulk ...
Thursday, 16 October 14
KOREA MIDLAND POWER TO BUY 490K MT OF LCV COAL FOR 1Q 2015
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 490,000 Metric Tons (MT) of LCV (Sub) Bitumino ...
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Showing 3421 to 3425 news of total 6871 |
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- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
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