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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, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
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