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Friday, 13 April 12
MINERS OPPOSE GOVTS EXPORT TAX PLAN - THE JAKARTA POST
 The Jakarta Post reported that, Indonesian mining companies have strongly protested the government’s plan to impose a 25 percent export tax on mineral ores and coal, saying that the measure would severely hurt their businesses because they already pay high income tax rates.
The executive director of the Indonesian Mining Association (IMA), Syahrir Abubakar, said in Jakarta on Thursday that the government should be aware that under their contracts of work, miners paid a corporate income rate of between 35 and 45 percent, which was higher than the 25 percent imposed on other companies.
“Some of them pay between 35 percent and 45 percent even though the 2008 Income Tax Law regulates that the tax is only 25 percent,” he told reporters on the sidelines of the launch of the Mining & Engineering Indonesian Exhibition in Jakarta on Thursday.
If the government insists on applying the export tax, it should also declare that all companies pay tax according to prevailing laws, and not based on their contracts, he said. Currently, contracts of work in the country use the principle of “nail down” in which the taxes paid by miners follow the regulations in force when the contracts were signed, he explained.
“It’s no problem if the government wants to increase its revenue by applying new taxes, but it has to ensure that all the companies are on the same level playing field and are getting the same treatment. If not, this will kill the companies,” Syahrir said.
The government has the power to call all contract holders and inform them that it will apply the prevailing laws in tax payment and therefore the conditions in the contracts have to be renegotiated, he said.
“There’s nothing wrong with the government’s desire to boost tax revenue, but it has to do it in a way that doesn’t endanger the miners,” he said.
He said the government had never invited mining companies to discuss the plan.
Supriatna Suhala, the executive director of the Indonesian Coal Mining Association (APBI), agreed with Syahrir that equal treatment for all miners was necessary. However, he warned that implementing the plan would be difficult if not impossible.
“If the government insists, we have to revise the content of the 2009 Minerals and Coal Law. Our contracts with the government must also be renewed. What we need is equal treatment. Now, companies pay taxes and royalties in different amounts,” he said over the phone.
“In my opinion, this plan will do more harm than good.”
The discourse over the export tax first began following Industry Minister MS Hidayat’s statement that the policy was aimed at preventing companies overexploiting the county’s mineral resources and selling it in ore form without thinking about the future of the nation’s reserves.
The planned tax will supplement the government’s decision to ban mineral ore exports in 2014, which is mandated by the 2009 Minerals and Coal Law and a 2012 ministerial regulation.
When asked about the export duty, the Energy and Mineral Resources Ministry’s director general for minerals and coal, Thamrin Sihite, declined to comment.
Source: The Jakarta Post
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Wednesday, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchma ...
Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with ...
Sunday, 08 April 12
CHARTER RATES COULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI was almost at same levels closing slightly lower by 0.64 pct at 928 points.
The Cape index was up by 6.73 pct closing at ...
Friday, 06 April 12
INDONESIAN HBA FALL TO LOWEST LEVEL SINCE JANUARY 2011
COALspot.com - Indonesian HBA fall to lowest level since January 2011 this month. The monthly coal reference price for coal sales in April fal ...
Friday, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
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- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- The University of Queensland
- Lanco Infratech Ltd - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
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