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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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Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
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- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
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