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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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- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Parliament of New Zealand
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- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
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- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
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- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
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- Holcim Trading Pte Ltd - Singapore
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- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
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- Africa Commodities Group - South Africa
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- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
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- GMR Energy Limited - India
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- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
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- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
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- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
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- Kohat Cement Company Ltd. - Pakistan
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- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
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- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
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- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
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- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
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- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
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- Global Business Power Corporation, Philippines
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- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Australian Coal Association
- Sical Logistics Limited - India
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- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
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- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
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- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
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