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Wednesday, 16 November 11
TAX OFFICE VOWS TO CRACK DOWN ON COAL MINERS - JP
 The Jakarta Post reported that, the Finance Ministry’s Directorate General of Taxation says that it will strengthen its supervision of coal mining companies amid indications of potential legal violations in calculating their tax payments.
Tax office spokesman Dedi Rudaedi said in a press release sent to The Jakarta Post on Tuesday that more tax supervisors who understood the technical aspects of coal mining would be assigned to ensure that there were no legal violations in calculating the companies’ tax burden.
Dedi added that the technical ministry overseeing coal mining companies, the Energy and Mineral Resources Ministry, had the expertise to determine production, cost recovery and operational costs of coal miners.
It was also important to improve the exchange of information between the tax office and the Energy and Mineral Resources Ministry, as mandated by the 2009 Taxation, he added.
“With that effort, the tax office can examine and ensure that the information contained in the tax forms submitted by taxpayers in the coal mining sector is true,” Rudi said.
Deputy Energy and Mineral Resources Minister Widjajono Partowidagdo said that calculating operational costs in the coal mining sector was not as transparent a process as it was in the oil and gas sector.
“In coal, miners calculate operational costs by themselves, while in the oil and gas sector, the amount of the costs must be approved by [upstream oil and gas regulator] BPMigas,” he said.
Widjajono said that a coal and mineral mining company’s revenues were comprised of operational costs, the government’s share and the company’s share.
The higher the costs, the smaller the returns to the government would be, he added.
Indonesian Coal Mining Association (APBI) chairman Bob Kamandanu told the Post that all costs and expenditures reported to the tax office and the Energy and Mineral Resources Ministry were audited first so there was only a very small possibility for a coal miner to balloon their operational cost figures.
“We have a tax officer supervising each coal company. Our financial statements must also be audited by public auditors. We are also audited by the Development Finance Comptroller [BPKP],” he said.
Bob said that the operational costs of coal miners usually came from subcontractors who charged them for each project undertaken.
Coal mining companies checked the validity of prices listed on invoices submitted by subcontractors before approving them, Bob added.
“However, we will fully support it if the government wants to improve its supervision of coal mining companies to check whether there is something wrong,” Bob said.
Indonesia’s coal production is estimated to reach 370 million tons in 2011, with 65 million tons allocated for the domestic market.
The Energy and Mineral Resources Ministry previously said it expected investment in the mineral and coal mining sector to reach US$3.2 billion this year, a slight increase from last year’s figure of $3.18 billion.
Source: The Jakarta Post (By Rangga D. Fadillah)
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Wednesday, 02 November 11
MMTC TO BUY 3.73 MILLION TONS OF COAL FOR 2011- 2013
COALspot.com - India’s state-owned coal and mineral trader MMTC looking for 3.73 million tons of power plant coal for the period 2011 - 2012/ ...
Wednesday, 02 November 11
PANAMAX MARKET BECAME QUIETER AFTER THE RECENT RECOVERY - BRS
There were substantial losses across the board this week: the BDI lost 6.3% to end at 2,018 and the BCI 8.2% to end 3,274. In the smaller sizes the ...
Tuesday, 01 November 11
BORNEO LUMBUNG BUYS 23.8% INTEREST IN BUMI
COALspot.com - PT. Borneo Lumbung Energi (BORN), an Indonesian coking coal producer announces that it has signed a sale and purchase agreement, cond ...
Tuesday, 01 November 11
BAKRIE FORMS STRATEGIC PARTNERSHIP WITH BORNEO - REDUCING DEBT BY USD 1 BILLION
Press Release - Enhancing the standing of “Indonesia Inc.” at the London Stock Exchange PT Bakrie & Brothers Tbk (“BNBR” ...
Tuesday, 01 November 11
ATLAS RESOURCES SETS IPO AT RP1,500 - INSIDER STORIES
Insider Stories reported that, coal miner PT Atlas Resources Tbk has set its initial public offering (IPO) at Rp1,500 (approximately US$ 0.169) per ...
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- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
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- Coalindo Energy - Indonesia
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- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
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- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
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- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
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- Global Business Power Corporation, Philippines
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- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
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- Jaiprakash Power Ventures ltd
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- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
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- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- PTC India Limited - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
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- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
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- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
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- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
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