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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, 20 November 11
THE FREIGHT MARKETS EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The market continued to move up with all sectors gaining except for handy size.
The BDI was up by 3.26 pct and closed at 1895 poin ...
Friday, 18 November 11
MMTC SEEKS 1.365 MMT OF IMPORTED COAL
COALspot.com - India's MMTC, the largest trading company of India and a major trading company of Asia, has issued a term supply tender for 1.365Mt ...
Friday, 18 November 11
KPC, ARUTMIN OUTPUT REACHED 47.1 MIO TONS - INSIDER STORIES
PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, reported 47.1 million tons of coal production in 9M 2011, according to Indiser Stories.
Insi ...
Friday, 18 November 11
THE ATLANTIC SUPRAMAX MARKET EXPERIENCED A STEADY AND FIRM TENDENCY
Handy
The Atlantic Supramax market experienced a steady and firm tendency this week. Especially the North Atlantic and Mediterranean position ...
Friday, 18 November 11
BERAU COAL 9M PROFIT SOARS 194.46% - INSIDER STORIES
Insider Stories reported that, PT Berau Coal Energy Tbk (BRAU), which is 84.7% owned by Bumi Plc, reported a 194.46% jump in net profit by end of Se ...
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- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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