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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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Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
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Showing 3426 to 3430 news of total 6871 |
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- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- The University of Queensland
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
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