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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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Thursday, 20 October 11
BRACKEN INTERNATIONAL MINING LISTS ON FRANKFURT STOCK EXCHANGE
Press Release - Bracken International Mining (Code:1BM) listed on the Deutsche Börse’s Frankfurt Stock Exchange today at €1.00 with ...
Thursday, 20 October 11
CAPESIZES, SUPRAMAXES LEAD GAINS FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Struggling to find additional support, but still managing to post gains, the dry bulk market has stabilized itself on higher levels again yesterday, ...
Wednesday, 19 October 11
METALLURGICAL COAL PRICES TO DROP BELOW US$240/TONNE - WOOD MACKENZIE
Wood Mackenzie Says Metallurgical Coal Prices to Drop Below US$240/tonne by Q4 2012 But Long-term Demand Fundamentals Remain Robust
Wood Mackenzi ...
Wednesday, 19 October 11
SUPRAMAX MARKET WAS VERY FIRM LAST WEEK - BRS
With all sectors contributing positively, the BDI ended the week at 2,173 points (+8.6%), its highest level so far in 2011. The BCI stood at 3,587 ( ...
Wednesday, 19 October 11
ADARO ACQUIRES BUKIT ENIM ENERGI - INSIDER STORIES
Insider Stories reported that, Coal miner PT Adaro Energy Tbk, via its subsidiary dubbed PT Alam Tri Abadi, today revealed a 46% stake takeover of a ...
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- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
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