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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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Saturday, 26 November 11
THE FREIGHT MARKETS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market were down probably with the sentiments of global financial markets and all segments were down.
The BDI was up down by 4 ...
Friday, 25 November 11
DISPUTE BETWEEN GIANT MINING FIRMS ENDS IN LAHAT - THE JAKARTA POST
The Jakarta Post reported that, prolonged dispute taking place in the South Sumatra regency of Lahat and involving two giant mining companies PT Buk ...
Friday, 25 November 11
DRY BULK MARKET LOSING STEAM, FAST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s been a week of falls for the dry bulk market this one, leaving ship owners with a sour taste in their mouths, as evidence of a recovery i ...
Thursday, 24 November 11
INDONESIA/INDIA SPMX TC AROUND $ 7/8K AND AROUND $ 12/13.00 PMTS ON VOYAGE BASIS - FEARNLEYS
Handy
Last week ended on a positive note in the Atlantic however the activity levels are somewhat reduced. Owners are asking in excess of USD ...
Thursday, 24 November 11
DRY BULK MARKET KEEPS LOSING STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was lower once again on Wednesday, with the industry’s benchmark, the Baltic Dry Index (BDI) ending the session down by 1. ...
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- GVK Power & Infra Limited - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
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