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The ships leasing tax policy needs new prescriptions


In the global shipping financing market share, the lease occupy quite, every year of financing scale after bank loans, equivalent to a bank loan scale in the quarter, far higher than the capital market financing. But in China, shipping financing whipping-boy renting accounted for very small, although than lease financing companies put the ships leasing as flagship product, but many rope tied hands and feet, and business only confine to domestic coastal and inland water transport of the narrow market. Lease financing companies fundstrength abundant, but this can make not brilliant lengths, its main reason except not in accordance with international practices in establish overseas SPV (special purpose companies) outside, tax policy "bottleneck" are also very important factors. The "bottleneck" concentrated reflection in the ships leasing the drawback problem, the specific performance has 3:

First, ship export, domestic shipbuilding enterprises will ship export to foreign enterprise, enjoy 17% of the export tax rebates. Financial leasing company buys the domestic shipbuilding enterprises ships constructed, combine it leased to the foreign enterprise, cannot enjoy export tax refund.

Secondly, domestic features not respect, China shipbuilding industry corporation and China shipbuilding industry corporation (hereinafter referred to as "two ship enterprises") affiliated companies with China ocean transportation (group) corporation, generated changhang group and China shipping (group) corporation (hereinafter referred to as "three aerospace enterprises") signed a contract to build domestic features not handing in ship, and shall pay VAT by the central finance, according to domestic features not excluding VAT price 17% of given two ship ten-thousand-enterprise subsidies, by its returned to the shipyard. And lease financing companies buy two ship ten-thousand-enterprise affiliated companies built features not, again leased to the domestic enterprises, cannot enjoy four navigation subsidy.

Again, ocean engineering structures products, domestic production enterprise to domestic offshore oil and gas drilling enterprise sales ocean engineering structures product treated as export, according to the unified regulation of export goods shall be tax refund. And lease financing companies to domestic production enterprise purchase ocean engineering structures for domestic products, again leasing offshore oil and gas drilling enterprise, cannot enjoy export tax rebates.

For the ships leasing exit drawback problem, the national tax policy departments have also tried to find a solution. 2010 March 30 and on May 18, relevant departments issued a caishui [respectively by ministry of finance; 24 customs total bureau of national tax wu about financing lease in tianjin conduct pilot a ship export tax refund notice and circular (guoshuifa [2010:52, the state administration of taxation on printing and distributing the financing lease ship export drawback management measures > "notice of two files, in tianjin financing lease business ownership transfer to the enterprises abroad ship export financing lease from 2010 April 1, in tianjin executes a one-year exit drawback pilot.

This is undoubtedly has made a good beginning, for the ships leasing brings spring message, but due to the lease financing business complexity and peculiarity, policy has not been able to practically. The main influence policy effect is two big questions:

Firstly, cent two kinds of forms to apply for export tax rebates. One kind is prior purchasing way, namely: leave in of the signed the financing lease contract "expressly agreed upon the lessee to the leased after the expiry of the ship at the lessee has chosen leave purchase way, execute partial drawback, according to the lease contract the collection of the lease ship rent the progress of partial refund. One kind is late leave purchase way, namely: already signed in the financing lease contract "in not to leave the ship should buy for leasing choice, but, in the financing lease expiration of the lessee to the leased ship chose to leave purchase way the trading behavior, execute lease ships in ownership transfer to real disposable drawback when.

These two kinds of the mode of tax according to the lease contract, whether partial drawback, or in ownership transfer when one-time drawback, is all to the financing lease of unfair treatment. Also exports is sold to the ship shipyard overseas enterprise can pay one-time tax rebates, boat and financial leasing company is partial drawback, and even many years to export tax rebates, etc.

The ships leasing business lease term are quite long, the shortest also five years, generally in ten years or so. According to these two kinds of tax refund method, financial leasing company cannot afford the VAT generated net costs of interest, the contract is difficult to cover. And the lease term is longer, the burden is heavier. Plus $financing, exchange rate risk for other factors, financial leasing company will ship leased to the overseas enterprise may appear losses, for export tired, so can only choose not to do the ships leasing export business.

Secondly, only to the ownership of the transferred to the overseas enterprise financing lease ship export implement exit drawback. According to whether transfer ownership as export tax rebates conditions, unfairly. Exit drawback policy encourages the exports is over the other. Even if no title transfer, as long as the ship is leasing to foreign enterprises, from overseas enterprises receive rent, instead, they should ship circumfluence home regarded as exports, thus enjoying export drawback equality. How much more of financing lease properties determine the lease financing companies not shipping companies, financial leasing company no ship the9, may not always be held ships, ownership transfer sooner or later. Even the first the lessee, the first lease contract deadline not transfer ownership, to the second, third, the lessee, the second and third lease contract deadline, ownership will be transfer, just when transfer and transfer to which the enterprises abroad problem.

Tax policy departments gave the ships leasing exit drawback wearing chains dancing policy, may be worried about exit drawback ship and circumfluence home after, appear drawback risk, but it can completely through to lease financing companies already recovered stipulate that solution, and should not impose restrictions on the policy, which causes the non-existing.

Last September 8 just promulgated by the state administration of taxation 2010 13 "about the financing lease business after-sale back tenant to sell assets behavior relevant tax issues announcement", for the bottleneck problem solving the ships leasing tax provides a model. Lease financing companies'm looking forward to state tax policy departments, as soon as possible to adjust and improve the ships leasing tax policy. Suggestions are as follows:

First, don't distinguish whether the ownership transfer to foreign enterprise, as long as the ships leasing to foreign enterprises shall implement exit drawback,

Second, financial leasing company by buying ships "value added tax is special bill", "customs customs declaration of export goods (for tax refund)" and signed with overseas lessee of the lease contract ", conduction one-time drawback;

Third, lease export vessels in ownership transfer to real overseas enterprises, occurred before the ship returned imports, the customs shall not impose import tariff and import link tax authorities already recovered, but at the current quarter, at the same time of current deposit interest;

Fourth, financial leasing company purchase domestic features not lease for domestic enterprises, and the central government according to ship features not excluding domestic value-added tax 17% of price give subsidies,

Fifth, financial leasing company to domestic production enterprise purchase ocean engineering structures, leased to the domestic offshore oil and gas drilling, the enterprises in unified regulation of export goods shall be tax refund.

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