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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 $3.18 billion.
Source: The Jakarta Post (By Rangga D. Fadillah)
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Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
Thursday, 20 October 11
CAPESIZE - TUBARAO /QINGDAO BEING FIXED AT STRONG US$ 29.75 PMT
Handy
The Atlantic market is quite steady, and market seems to be around the same levels as last week. Fewer fixtures reported though. ...
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- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
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