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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, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Planning Commission, India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Australian Coal Association
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Indian Energy Exchange, India
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