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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, 17 December 11
THE FREIGHT MARKET SEEMS TO HAVE ALMOST BOTTOMED OUT AND MAY REMAIN STEADY AT THESE LEVELS CAPT REDDY
COALspot.com - The BDI and Cape index closed lower this week with BDI closing at 1,888 points (down by 1.76 pct) and Cape index at 3,572 points (dow ...
Friday, 16 December 11
DRY BULK MARKET LOSES TRACK ON CAPESIZE LOSSES, SHIP FINANCING REMAINS TROUBLESOME - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market didn’t manage to sustain earlier gains, losing track yesterday, on reduced Capesize demand and persisting troubles in smal ...
Thursday, 15 December 11
BERAU SEES INDIA AS POTENTIAL MARKET FOR LOW-CALORIE COAL - THE JAKARTA POST
The Jakarta Post reported that, Publicly listed coal mining company PT Berau Coal Energy (BRAU), the fifth largest coal producer in Indonesia, sees ...
Thursday, 15 December 11
PANAMAX HARDLY AFFECTED BY THE RECENT FIRMER TENDENCY FOR THE BIG SISTERS - FEARNBULK
Handy
The rates are more or less the same as last week. Continent/US Gulf fixing at tick below USD 10k and Gulf/Continent levels at USD 25k. Trips ...
Thursday, 15 December 11
DRY BULK RATES TO REMAIN AT CURRENT LEVELS FOR THE MOST PART IN THE COMING MONTHS SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest research note, BIMCO said that the Capesize Time Charter Average will remain at USD 20,000-30,000 per day but the tonnage oversupply w ...
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Showing 4926 to 4930 news of total 6871 |
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- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
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