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Monday, 26 December 11
NEW EXPORT TAX PLAN GREETED WITH PRAISE AND CRITICISM - THE JAKARTA POST
 The Jakarta Post, one of the Indonesia's leading english news paper reported that, both praise and criticism showered the government’s plan to tax the export of minerals and base metals starting next year.
Economists say such an initiative is a testament to the government’s long-term economic vision, in which local manufacturers are encouraged to add value to commodities, as well as contributing to national energy security.
For local miners, on the other hand, the upcoming export tax would be an additional burden that could affect their financial performance amid global economic uncertainties that could jeopardize future expansion plans.
Arif Hadianto, a spokesperson for Indonesia’s fifth largest coal miner, PT Berau Coal Energy, said coal producers already paid 13.5 percent of their total sales as royalties to the government, on top of the income and value-added taxes.
“A new tax would automatically be a burden. The government must take into account that coal producers have an obligation to meet domestic demand,” Arif said on Sunday.
Separately, Resource Alam Indonesia head of investor relations Erif Tirtana said small- and medium-sized companies would be hurt most by the tax plan. “The export tax will be a double tax, as we are already paying royalties. I just hope that the ministry will consider our grievances,” he said.
PT Antam corporate secretary Bimo Budi Satriyo said that the export tax would reduce his company’s profits. Bimo said that Antam, which exports nickel to China, Korea, and Europe, had to give 5 percent off its sales prices per ton of high calorie (garnierite) nickel ore and 4 percent for every ton of low-calorie (limonite) nickel ore in royalty fees.
“We still don’t know what the regulation will look like. As long as the government considers the royalty we are already paying. It will be okay.”
Association of Indonesian Mining Professional chairman Irwandi Arif said that the government should calculate the amount of export tax to help companies maintain their profits. He said, the tax should be re-distributed to develop industry in the country.
“The export tax should be used to provide incentives in development of coal-powered power plants, for example, in Mulut Tambang [in Tanjung Enim, South Sumatra]. It would be troublesome if the government fails to synchronize the use of the tax,” Irwandi said.
The tax plan was first introduced last week by Industry Minister Mohamad S. Hidayat, who said that the ministry was preparing the export tax on mineral products to encourage the development of derivatives products from minerals and base metals by local industries.
Hidayat said the regulation was poised to be implemented in the first half of 2012, pending approval from the Finance Ministry.
“The growth of the downstream industry will create jobs, add value to our products and reduce dependence on imports,” said Hidayat. He promised that investors who invested in downstream industries would be given tax holidays.
The planned export tax is in line with the ongoing process carried out by the Energy and Mineral Resources Ministry, which is drafting a regulation that will ban exports of raw mining products beginning in 2014. Prohibiting exports of raw mining product is a part of the government’s commitment to fully implement the 2009 Mineral and Coal Law, requiring miners to process coal and mineral into added-value products before exporting them.
Mining expert Kurtubi said that the government’s move to impose export taxes on non-renewable coal and base metals was “logical” as other commodity-based industries were already paying more.
“State revenue from coal and general mining is very little. Corporate tax for general mining sector is about 35 to 40 percent, while the royalty as stated in the contract of work is only about 1 percent.”
Source: The Jakarta Post
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Thursday, 05 January 12
DRY BULK MARKET TAKES A PLUNGE OF LOW ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected the first days of the new year are characterized by significantly low chartering across the board of the dry bulk market, pus ...
Wednesday, 04 January 12
NEWBUILDING ORDERS PICKED UP IN 2011, BUT 2012 EXPECTED TO BE A DIFFERENT STORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) starting the year on a sour note, losing 114 points and ending yesterday’s session, the first of the new year, ...
Wednesday, 04 January 12
MAHAGENCO TO IMPORT LOW MOISTURE COAL
COALspot.com - Maharashtra State Power Generation Co. Ltd. is the state power generation utility owned by Government of Maharashtra, intends to proc ...
Tuesday, 03 January 12
INDONESIA COAL REFERENCE PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the January 2012 coal reference price at US$ 109.29 per ton or US$ 3.3 ...
Tuesday, 03 January 12
WHICH WAY WILL THE DRY BULK MARKET HEAD ON FIRST WEEK OF THE YEAR? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Dry bulk ship owners will be wondering which way will the BDI (Baltic Dry Index), the industry’s benchmark, will head during the first days of ...
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- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- White Energy Company Limited
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
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