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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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- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- GMR Energy Limited - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
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