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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, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
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- Mercator Lines Limited - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Minerals Council of Australia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
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