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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, 29 December 11
NEW VESSELS DELIVERED ARE FLOODING THE OCEANS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected 2011 has been the year that newbuilding deliveries peaked and kept "flooding" the market, thus supressing freight rates and er ...
Tuesday, 27 December 11
MINERS MAKE CASE FOR RESUMING CONTRACT NEGOTIATIONS - THE JAKARTA POST
The Jakarta Post reported that, problems with the renegotiation of mining contracts in the country are far from over, as agreements on several cruci ...
Tuesday, 27 December 11
COAL SHIPMENT OF TIANJIN PORT REACHED 6.72 MLN TONNES IN NOVEMBER - STEEL HOME / HELLENIC SHIPPING
Tianjin port shipped 6.72 million tonnes of coal in November, decreasing 600,000 tonnes versus 7.32 million tonnes in October, while up 21.09% or 1. ...
Tuesday, 27 December 11
NEW CLAUSE PUBLISHED FOR SLOW STEAMING - BIMCO
Many owners and operators faced with high bunker prices are considering implementing slow steaming regimes to save fuel and to assist with capacity ...
Sunday, 25 December 11
THERMAL COAL PRICES GAINED UP TO 4.32 PERCENT
COALspot.com - globalCOAL index gained 4.32 percent to US$106.36 per ton in RBCT, benchmark for South Asia and West Europe markets, for the week end ...
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Showing 4911 to 4915 news of total 6871 |
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- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
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