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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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- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Planning Commission, India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
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