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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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Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
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- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Planning Commission, India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
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