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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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Wednesday, 16 November 11
A STRONG WEEK FOR THE CAPES - BRS
A sharp bounce by the Cape market pushed the BDI up by 3% last week. This was despite a softening in the other indices with the Panamax, Supramax an ...
Monday, 14 November 11
BORL SEEKS 660K MT OF LOW SULPHUR COAL
COALspot.com - BORL India has issued a tender for around 660,000 MT of 4500 - 5500 kcal/kg sub-bituminous Coal.
Bharat Oman Refineries Ltd ...
Sunday, 13 November 11
BUNKER PRICES REMAINED FIRM
COALspot.com - The market seemed to recover this week with the BDI and Cape Index up.
The BDI was up by only about 2.86 pct closing at 1835 point ...
Saturday, 12 November 11
COALINDO ENERGY LAUNCHED INDEX FOR 3400 GAR COAL
COALspot.com - PT Coalindo Energy, in cooperation with Argus Media Limited, launched the coal index for low-rank coal with a calorific value of 3,40 ...
Saturday, 12 November 11
BBJ WILL RELEASE A COAL CONTRACT
Jakarta Futures Exchange will soon release a coal futures contracts during the quarter 1 / 2012.
Director of the Jakarta Futures Exchange (BBJ) S ...
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- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
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- CNBM International Corporation - China
- Planning Commission, India
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- London Commodity Brokers - England
- Coal and Oil Company - UAE
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- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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- Bayan Resources Tbk. - Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Australian Coal Association
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- Metalloyd Limited - United Kingdom
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- Malabar Cements Ltd - India
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- Parliament of New Zealand
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- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
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- White Energy Company Limited
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- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
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- Mercator Lines Limited - India
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- Meenaskhi Energy Private Limited - India
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- Madhucon Powers Ltd - India
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- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
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- The Treasury - Australian Government
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- Indonesian Coal Mining Association
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- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
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- Bhoruka Overseas - Indonesia
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- MS Steel International - UAE
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- Eastern Coal Council - USA
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- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- The University of Queensland
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
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- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
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- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
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- Tamil Nadu electricity Board
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- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
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- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
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- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
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- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Australian Commodity Traders Exchange
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- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
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