Marine Link
Friday, March 29, 2024
SUBSCRIBE

State Administration Of Taxation News

14 Jan 2020

China Tax Waiver for Cleaner Ship Fuel Exports

Copyright: Suriyapong/AdobeStock

China has approved a long-awaited tax waiver on exports of cleaner ship fuel, paving the way for refiners to boost output, though Beijing may initially limit shipments to focus on growing its coastal marine fuel market, state refiner officials say.Ships globally have switched to lower sulphur fuels, or use emissions-removing devices, to comply with new rules imposed by the International Maritime Organization this year.China's State Council, or cabinet, gave the go-ahead to waive taxes on the 0.5% or very low sulphur fuel oil (VLSFO)…

27 Nov 2017

FMC's Doyle to Exit Commission in January, 2018

Today, the Office of Commissioner William P. Doyle of the U.S. “Last week, I notified The President of the United States Donald J. Trump of my intention to leave the Federal Maritime Commission effective January 3, 2017. It has been an honor and a privilege to continue serving in the Trump Administration. I thank President Barack Obama for nominating and appointing me twice as a Commissioner. “I am proud to have worked alongside my fellow Commissioners and with such a dedicated and hardworking Commission staff. Over the past five years there has been an enormous amount of change in the international maritime industry including consolidations, mergers, bankruptcies, and the advent of mega ocean carrier alliances. As a Commissioner, Mr.

15 Aug 2014

China Looks to Boost Shangai Port Volumes

China will expand a scheme to speed up tax refunds for companies that export via a Shanghai port, the government said on Thursday, as it looks to boost the city's role as an international shipping centre. Exporters that send products abroad via Shanghai's Yangshan deep water port, will from next month be able to recoup some taxes as soon as ships set sail for Shanghai from feeder ports in Nanjing, Suzhou, Lianyungang, Wuhu, Jiujiang, Qingdao, Wuhan and Yueyang. Previously only Qingdao and Wuhan were included in the scheme, with tax refunds on goods sent from other ports of origin only paid when cargoes eventually left Shanghai. "It's good for (exporters) because they can get their money back earlier…

12 Feb 2014

Webcast to Address China VAT Reform Announced

FMC Commissioner William P. Doyle

China’s Ministry of Finance and State Administration of Taxation released Circular 106 last December, expanding its value-added tax (VAT) pilot program to additional industries. The circular also made significant updates to the VAT treatment of services related to the international transportation of goods. During the week of January 20, 2014, China provided further clarifications for freight forwarding agent companies in China with regard to Circular 106. In light of the potential impact these changes may have on U.S.

04 Feb 2014

FMC Commissioner Doyle Announces China VAT Issue Webcast

New explanation issued from China on definition of “agents” in Circular 106. Industry briefing scheduled for March 6, 2014 concerning the latest information on China’s Value Added Tax regime and its impact on the maritime industry. Commissioner William P. Doyle of the Federal Maritime Commission (FMC) today announced that he will be participating in a webcast that will take place on March 6, 2014, on matters related to China's Value Added Tax (VAT) regime, with specific emphasis on China's release of Circular 106, as it affects carriers, shippers and ocean transportation intermediaries. Professionals from the global audit and tax firm, KPMG, will host the webcast. Commissioner Doyle stated, "I appreciate KPMG's willingness to provide a briefing on China's VAT program to FMC’s stakeholders.

20 Dec 2013

Commissioner Doyle: China Clarifies VAT

Last week Commissioner William P. Doyle of the Federal Maritime Commission (FMC) briefed the full Commission with a report on his work seeking clarity and certainty on the People’s Republic of China’s (PRC’s) implementation of the Value Added Tax (VAT) as it relates to maritime commerce. Doyle informed the Commission that the Chinese government was expected to clarify its position on the VAT that has confused the shipper and carrier communities. On December 13, 2013, the PRC released Circular 106, which supersedes Circular 37 effective January 1, 2014.

11 Dec 2013

Commissioner Doyle's Briefing on China Value Added Tax

FMC Commissioner William P. Doyle

Commissioner Doyle briefed the Federal Maritime Commission at today's open meeting and provided details and recent information pertaining to efforts to clarify the People's Republic of China new Value Added Tax regime. He also discussed China's interest in establishing a mutual NVOCC legal assistance and mutual bond rider recognition mechanism as well as tax concerns in connection with terminal ownership and operations. On October 28, 2013, the Annual U.S. Bilateral Maritime Consultation with the People’s Republic of China was held in Chicago, Illinois. On behalf of President Obama, the U.S.