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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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Saturday, 24 December 11
CHINAS LEVEL OF GROWTH TO DETERMINE COURSE OF DRY BULK MARKET IN 2012 SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest report, shipbroker Intermodal attempted to find a silver lining in the tough year that was 2011, as well as what one could expect from ...
Friday, 23 December 11
SPOT PACIFIC CAPESIZE VESSELS HAVE COMMANDED HIGH PREMIUMS - FEARNLEYS
Handy
Rates in the Atlantic kept stable from last week, with a touch of negativity closer to the end. Less spot cargoes seen, and owners are ...
Friday, 23 December 11
CONTENTIOUS ISSUES IN CONTRACT RENEGOTIATION - THE JAKARTA POST
The government has been renegotiating mining contracts, especially those 30-40 years old, with almost all mining companies, including PT Freeport In ...
Friday, 23 December 11
LANCO JOINS HANDS WITH BUKIT ASAM FOR INDONESIAN POWER PROJECT
COALspot.com - PT Tambang Batubara Bukit Asam, Indonesia's state owned coal miner and Indian based Lanco Infratech Ltd plans to build steam power p ...
Thursday, 22 December 11
RI WILL NOT PLAY CATCH-UP WITH GLOBAL COAL DEMAND - THE JAKARTA POST
The Jakarta Post reported that, the International Energy Agency (IEA) has predicted in its Coal Market Report 2011 that over the next five years, gl ...
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Showing 4916 to 4920 news of total 6871 |
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- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- The University of Queensland
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
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