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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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- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
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