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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 $3.18 billion.
Source: The Jakarta Post (By Rangga D. Fadillah)
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Tuesday, 22 November 11
NTPC TO BUY 2 MMT OF IMPORTED COAL FOR ITS FOUR PLANTS
COALspot.com - NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government of India, the largest thermal power generati ...
Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
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- Port Waratah Coal Services - Australia
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- OPG Power Generation Pvt Ltd - India
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- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
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- Semirara Mining and Power Corporation, Philippines
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- Sarangani Energy Corporation, Philippines
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- Standard Chartered Bank - UAE
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- TeaM Sual Corporation - Philippines
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- The Treasury - Australian Government
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- European Bulk Services B.V. - Netherlands
- Planning Commission, India
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- Wilmar Investment Holdings
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- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Minerals Council of Australia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
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- Ministry of Finance - Indonesia
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- Indonesian Coal Mining Association
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- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
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- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Georgia Ports Authority, United States
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- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
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- Thai Mozambique Logistica
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
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- MS Steel International - UAE
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- Kobexindo Tractors - Indoneisa
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- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
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- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
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- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- The University of Queensland
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- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Sical Logistics Limited - India
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- IEA Clean Coal Centre - UK
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- Star Paper Mills Limited - India
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- Rio Tinto Coal - Australia
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