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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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- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
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- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
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- Indian Oil Corporation Limited
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- SMG Consultants - Indonesia
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- Sojitz Corporation - Japan
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- Parliament of New Zealand
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- Electricity Authority, New Zealand
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- Toyota Tsusho Corporation, Japan
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- The Treasury - Australian Government
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- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- PTC India Limited - India
- GMR Energy Limited - India
- White Energy Company Limited
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- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
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- London Commodity Brokers - England
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- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
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- Coal and Oil Company - UAE
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- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
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- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Anglo American - United Kingdom
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- Thiess Contractors Indonesia
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- San Jose City I Power Corp, Philippines
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- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
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- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
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- Siam City Cement PLC, Thailand
- Planning Commission, India
- The University of Queensland
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- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
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- Metalloyd Limited - United Kingdom
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- Indonesian Coal Mining Association
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- Interocean Group of Companies - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
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- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
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- Vedanta Resources Plc - India
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- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
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- Videocon Industries ltd - India
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- Trasteel International SA, Italy
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- VISA Power Limited - India
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- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
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- Leighton Contractors Pty Ltd - Australia
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- Samtan Co., Ltd - South Korea
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- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
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