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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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Thursday, 28 January 10
COAL - VIETNAM / TRADE
Vietnam expects to turn into a coal importer within three years, spurred by an industrial boom and rising power consumption, a senior executive with ...
Thursday, 28 January 10
JAPAN STEELMAKERS OPPOSE QUARTERLY COAL CONTRACTS
Japanese steelmakers oppose miner BHP Billiton's attempt to switch to quarterly contracts from annual deals for supplying coal, as the change would ...
Thursday, 28 January 10
BHP MAY SELL 25% STAKE IN INDONESIAN COAL PROJECT
BHP Billiton Ltd. plans to sell only a 25 percent stake in a coal project in Indonesia as it wants to retain control of the asset, said Indra Dianna ...
Thursday, 28 January 10
TRANSNET ASPIRES TO 81MT/Y COAL EXPORT CAPACITY
South African State-owned rail transport enterprise Transnet wants to increase coal-line rail capacity to 81-million tons a year as part of its Quan ...
Wednesday, 27 January 10
ASIA'S 2010 STEAM COAL IMPORTS TO REACH 460 MLN T
* China to import up to 100 mln T of steam coal in 2010
* China, India seen investing in southern Africa assets
Asian imports of steam coal will ...
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Showing 6046 to 6050 news of total 6871 |
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- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- White Energy Company Limited
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
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