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Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
 The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday that also would invest in infrastructure to support mining operations and reduce corporate taxes.
The new 40 percent tax on resoure profits targets industries that have grown rapidly as they've produced the raw materials that feed burgeoning Chinese and Indian manufacturing demand.
Mining royalties currently paid to Australian state governments do not reflect rising commodity prices. The government says mining profits rose by 80 billion Australian dollars ($74 billion) in the past decade, yet government revenues from resources increased by only AU$9 billion.
Andrew Forres, chief executive of Fortescue Metals Group Ltd., last week warned that higher taxes on mining could "kill the golden goose" that had kept Australia out of recession during the global economic downturn. Mine companies also say higher taxes would stifle investment in the resource sector and cost jobs.
Thetax overhaul Prime Minister Kevin Rudd proposes requires Parliament's endorsement to become law. It would introduce the so-called Resource Super Profits Tax in July 2012. The company tax rate would be cut from 30 percent to 29 percent in July 2013 and to 28 percent a year later.
The government forecasts tht the cut in company tax combined with the mining tax will increase Australia's gross domestic product by 0.7 percent a year.
"These changes will not be welcomed by every business or every interest group, but they are the considered, responsible changes we need if we are to turn our success during the gloal recession into enduring gains for our economy, our people and our nation," Rudd said in a statement.
Treasurer Wayne Swan told reporters he could not say whether tax legislation would be introduced to Parliament before national elections are held at a date to be set late this year.
Under the tax overhaul, resource-rich states would continue to reap mining royalties, but the federal government would refund those costs to mining companies before calculating their federal tax debt.
The tax would be levied on profits after all the costs of mining operations, capital investment and dividends to shareholders are deducted.
Marginally viable mine companies would potentially be better off in cases where the costs of extracting minerals barely cover royalty charges because of a price downturn or when the ore deposit is almost exhausted.
About AU$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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Showing 5746 to 5750 news of total 6871 |
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- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
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