Beijing: The Chinese government has issued a new circular
on its value-added tax policy that relates to maritime commerce.
Chinese law requires foreign shipping companies to use
either wholly-owned subsidiaries or third-party agents to collect ocean
freight. Under the previous business tax regime freight forwarders were allowed
to deduct international freight from their taxable income.
However, from August 1, 2013, freight forwarders are
required to pay a 6% VAT charge as well as local surcharges on gross proceeds
collected from clients.
The new policy, which will come effective from January,
2014, has eliminated the unequal tax treatment of foreign shipping companies by
allowing the deduction of international freight from the taxable income of
freight forwarders.
Source : HKSG.
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