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Foreign shipowners feel disadvantaged by China’s VAT system

The chairman of the International Chamber of Shipping (ICS), Masamichi Morooka, has written to the Chinese minister of finance to encourage the country’s government to continue its efforts to find a solution to the problems created by the application of value added tax (VAT). Wholly foreign-owned shipping companies are finding it harder than Chinese companies to reclaim the 6% VAT (and a 0.8% VAT surcharge on ocean freight) that is collected by shipping agencies in China, and so avoid passing this on to their overseas customers.

Source: ITJ (International Transport Journal). Read news here

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