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Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA

Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India reported.

According to the telegraph India, a top official of the Indonesian embassy in New Delhi today said efforts were underway to ensure that all royalties and outstanding taxes were settled. This will pave the way for miners to secure legitimate licenses to conduct business.

Indonesia is on course to become the seventh-largest economy by 2020 and has earmarked India as one of its focus countries for trade and investment.

The telegraph India further said, Bilateral trade stood at $16.99 billion in 2013. A target has been set to reach the $250-billion mark by 2015.

“We want real users of coal to come and invest. We are now requesting coal miners to get the licence. To get this, they will have to settle their royalty and tax, the telegraph India quoted.

Many miners in Indonesia have not paid tax. There is an increase in domestic consumption in Indonesia. But this does not necessarily mean one cannot import coal from Indonesia. There are some new regulations to be applied by the government for all coal mines to fulfill their obligation on tax and royalty,” said Tito Dos Santos Baptista, vice-ambassador of the Indonesian embassy in Delhi. He was speaking at a session on business opportunities in Indonesia organized by the Indian Chamber of Commerce here today, the telegraph India of digital version said in its latest report.

Primary items imported from Indonesia comprise coal, palm oil and copper ore, while exports include light oil, corn and peanuts.

Indonesia has approved a new trade law in February to regulate its trade activities.



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Friday, 19 September 14
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Thursday, 18 September 14
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