China Looks to Boost Shangai Port Volumes

Posted by George Backwell
Friday, August 15, 2014
Shanghai Huangpu River: File photo

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, which is positive for their cash flow and turnover," said Han Ning, a China-based shipping consultant with Drewry. "It's also good for Yangshan."

Goods are often sent overseas via shipping hubs after being moved from so-called feeder ports.

Shanghai, home to the world's busiest container port, is competing heavily to increase its share of such transshipment volumes against foreign ports such as South Korea's like Busan, which offers incentives such as tax waivers.

The Ministry of Finance, the General Administration of Customs and the State Administration of Taxation announced the plan on Thursday.

Only companies with strong records for paying taxes will qualify for rebates, they said. Refunds could come on taxes including value added tax or consumption tax.

By Brenda Goh
 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Matson Announces Quarterly Dividend

Matson, Inc. declared a first quarter dividend of $0.17 per common share, the company’s board of directors announced. The dividend will be paid on March 5, 2015

Hogan Named VP at Newport News Shipbuilding

Rob Hogan has been appointed vice president of manufacturing at the Newport News Shipbuilding division of Huntington Ingalls Industries (HII), the company announced.

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

Ports

China Watching Greece After Port Sale Shelved

China is closely monitoring the policies of the new Greek government after Athens said this week it will stop the sale of a majority stake in Greece's biggest port,

Greece's New Shipping Minister Stalls Port Privatization

Thodoris Dritsas is taken charge as Greece's new shipping minister following the electoral victory of the country's left-wing party Syriza. Among the first decision

Fender Repairs Works for Dolphins at Hong Kong

For approximately four months, fender repairing and replacement works for five of the dolphins will be carried out in the To Kwa Wan Typhoon Shelter. The

Finance

Matson Announces Quarterly Dividend

Matson, Inc. declared a first quarter dividend of $0.17 per common share, the company’s board of directors announced. The dividend will be paid on March 5, 2015

Kirby Reports Record Earnings

Kirby Corporation announced record net earnings of $68.1 million, or $1.19 per share, for the fourth quarter 2014 (ended December 31). The results bested 2013’s fourth quarter figures of $64.

Baltic Sea Freight Index Falls to Lowest Level Since 1986

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three

Government Update

Bill Proposed to Repay WWII Merchant Mariners

Congresswoman Janice Hahn (Calif.) and Congressman John Duncan Jr. (Tenn.) introduced the “Honoring Our WWII Merchant Mariners Act of 2015,” which would provide

Dozens Missing off Bangladesh after Boat Sinks

About 40 illegal migrants heading from Bangladesh to Malaysia to look for work were missing on Thursday after their boat sank, police said. A steady stream of

Shell: UK Should Reduce North Sea Oil Tax

The British government should review a supplementary tax charge on North Sea oil producers as it has made the operation of some fields unrealistic, Shell Chief

Logistics

Stolt-Nielsen Q4 Profit Misses Forecast

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market,

China Watching Greece After Port Sale Shelved

China is closely monitoring the policies of the new Greek government after Athens said this week it will stop the sale of a majority stake in Greece's biggest port,

Shell Eyes Arctic Drilling this Summer

Oil major Shell wants to revive its Arctic oil drilling programme this year after a near two-year suspension, angering environmentalists who say the risk of an oil spill is too high.

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 1.5711 sec (1 req/sec)