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Wednesday, 23 September 15
INDONESIA: NEW REGULATION APPLIES FINAL INCOME TAX TO MINERAL AND COAL SALES - FLORENCE GRACIA SANTOSO
 To increase state revenue from the mining sector, the Government of Indonesia has imposed a new final income tax on any sale of mineral and coal, adding to the burden on the Indonesian mining industry. The new income tax, i.e. Article 22 Income Tax, is regulated under Minister of Finance ("MOF") Regulation No. 107/PMK.010/2015 regarding the Collection of Withholding Tax in Connection with Payment for Delivery of Goods and Imports or Other Business Activities. The regulation came into force 60 days after its issuance on June 8, 2015. This new regulation is the fourth amendment of MOF Regulation No. 154/PMK.03/2010 regarding Article 22 Income Tax.
Article 22 Income Tax, at the rate of 1.5%, now applies to any sale, either domestic or export, of non-processed or non-refined minerals (metal, non-metal and stone) and coal. Exporters must pay the income tax to the state treasury through a post office, foreign exchange bank or any bank appointed by the MOF. Evidence of payment will be verified by the Directorate General of Customs and Excise as a required supporting document for the export notification and will be used as a basis to issue an export clearance.
This income tax is only applicable to holders of a mining business license (Izin Usaha Pertambangan). It does not apply to holders of a Contract of Work (Kontrak Karya) or Coal Contract of Work (Perjanjian Kerjasama Pengusahaan Pertambangan Batubara), who are subject to different financial obligations under their respective contracts.
Since it is a final income tax, this tax will be imposed on the gross income of the company without deducting any expenses incurred to produce, collect or maintain such income. This means that the company must pay the income tax even if the company is not profitable, since this tax is payable upon any sale of minerals and coal.
Income that is subject to final income tax cannot be combined with other income (which is subject to non-final income tax) in the calculation of income tax as reflected in a company’s annual tax return. Final income tax paid under this rule cannot be deducted against non-final income tax.
In an attempt to promote domestic processing and refinery activities, this income tax will not apply to any refined minerals or processed coal. Only minerals in the form of ore or concentrate and non-agglomerated coal are subject to the 1.5% income tax. Under current rules, only a few minerals (copper, iron, manganese, lead and zinc) are allowed to be exported not in refined form (only processed to a certain level). Other minerals cannot be exported unless refined as required under Minister of Energy and Mineral Resources ("MEMR") Regulation No. 1 of 2014 as amended by MEMR Regulation No. 8 of 2015.
The Government of Indonesia has made efforts to reduce the export of unrefined minerals by imposing complicated, lengthy and expensive procedures for such exports. Mineral exporters must first register with the Ministry of Trade to obtain a Registered Exporter Certificate for the Export of Mining Products (Eksportir Terdaftar Produk Pertambangan). This certificate is valid for three years but may be extended an unspecified number of times. To obtain the certificate, the exporter must obtain an approval from the Directorate General of Mineral and Coal ("DGMC").
Another approval from the DGMC is required for the export of unrefined (processed) minerals. This approval is only valid for six months and may be extended. Before any mining products are exported they must first be verified and approved by a Ministry of Trade-registered surveyor to ensure they have been processed/refined to the required standard.
In addition, the export of unrefined (processed) minerals is subject to a very high export tax rate. The export tax rate in 2015 has ranged from 30% to 40% which is scheduled to increase to 50% to 60% as of January 1, 2016 until January 12, 2017. As of January 12, 2017, under current rules, only refined minerals can be exported.
By Florence Gracia Santoso
SSEK Indonesian Legal Consultants
 About Florence Gracia Santoso
Florence is experienced in energy, infrastructure, investment and mergers and acquisitions, and has been involved in a number of acquisitions involving industrial and trading companies. Since joining SSEK Legal Consultants in 2010, Florence Gracia Santoso has been involved in numerous major mining transactions.
This article is intended for informational purposes only and does not constitute legal advice. This article should not be acted upon in any specific situation without appropriate legal advice.
If you believe an article violates your rights or the rights of others, please contact us.
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Tuesday, 15 September 15
API 5 FOB NEWCASTLE COAL SWAP FOR 4Q' 2015 DELIVERY CLOSED AT $42.71 PER TON ON 11 SEPT, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.94 per MT (-2.15%) month over month to US$ 42.71 per mt. The sw ...
Monday, 14 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP DECLINED $1.80 PMT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.62 (3.21 %) per MT month over month.
A commodity ...
Monday, 14 September 15
MOODY'S LOWERS COMMODITY PRICE ASSUMPTIONS ON MACRO, INDUSTRY FACTORS
COALspot.com: Moody's Investors Service has lowered its base metal price assumptions for 2015-17 as slowing growth in China, lower oil prices, ...
Sunday, 13 September 15
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI decreased further by 6.51 per cent or 57 points since last Friday and closed at 818 on 11 September 2015 while the cape index ...
Friday, 11 September 15
SHIPPING MARKETS SHOW MIXED EMOTIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has managed to show marginal improvements over the past few days, with the Capesize segment faring better than smaller dry bulk ...
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- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
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