TaxRegulations

Shipowners Revamp Contracts in Response to US Tax on Chinese Vessels

1 month ago

In a strategic pivot, shipowners are reworking their contractual agreements as they react to a newly implemented U.S. tax specifically targeting vessels from China. This decisive move comes in the wake of evolving tariffs and tax regulations aimed at addressing the perceived trade imbalances and unfair competitive conditions affecting the shipping industry.

China's Independent Oil Refineries Face Closure Due to New Tax Regulations

2 months ago

In a significant shift within China's oil industry, the government's newly introduced tax regulations are placing immense pressure on the nation's independent oil refineries, commonly referred to as "teapots." These small to mid-sized refineries, which have played a pivotal role in the country's oil supply chain, are now confronted with the threat of closures as compliance with the new rules becomes increasingly burdensome.

Spanish Banks Aim to Sidestep Tax Burden in 2024 Financial Results

3 months ago

Spanish banks are currently navigating a complex financial landscape, as they prepare to request regulatory approval to exclude the effects of a recent tax on their 2024 earnings reports. This tax, officially known as the “extraordinary tax on banking profits,” was enforced by the Spanish government late last year, reacting to soaring inflation and the need to bolster welfare programs in the country.