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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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Tuesday, 13 December 11
CAPESIZES AND PANAMAXES LEAD DRY BULK MARKET HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched closer to the 2,000 mark on Monday, with Panamaxes rebounding firmly and leading the gains. As a result, the industry&rsq ...
Monday, 12 December 11
DRY BULK MARKET LOOKING FOR BALANCE AS WE ENTER 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
During the past few months, freight rates for dry bulk carriers, especially Capesizes have increased significantly, providing ship owners with a muc ...
Sunday, 11 December 11
THE PANAMAX INDEX ENDED ON POSITIVE DIRECTION - VISTAAR
COALspot.com - The BDI and Cape index continued the upward trend this week also with BDI up by 3.00 pct closing at 1,922 points and Cape index up by ...
Saturday, 10 December 11
MAHAKAM RIVER RESUMES COAL TRANSPORTATION
COALspot.com - East Kalimantan local government has resumed limited coal barging through Mahakam River after two weeks of suspension following the c ...
Friday, 09 December 11
DRY BULK MARKET REBOUNDS ON HEALTHIER DEMAND OUTLOOK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged forward yesterday, at the highest rate of the past couple of weeks, as a result of stonger iron ore demand, backed by lowe ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- London Commodity Brokers - England
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Minerals Council of Australia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
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