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Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
 The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday that also would invest in infrastructure to support mining operations and reduce corporate taxes.
The new 40 percent tax on resoure profits targets industries that have grown rapidly as they've produced the raw materials that feed burgeoning Chinese and Indian manufacturing demand.
Mining royalties currently paid to Australian state governments do not reflect rising commodity prices. The government says mining profits rose by 80 billion Australian dollars ($74 billion) in the past decade, yet government revenues from resources increased by only AU$9 billion.
Andrew Forres, chief executive of Fortescue Metals Group Ltd., last week warned that higher taxes on mining could "kill the golden goose" that had kept Australia out of recession during the global economic downturn. Mine companies also say higher taxes would stifle investment in the resource sector and cost jobs.
Thetax overhaul Prime Minister Kevin Rudd proposes requires Parliament's endorsement to become law. It would introduce the so-called Resource Super Profits Tax in July 2012. The company tax rate would be cut from 30 percent to 29 percent in July 2013 and to 28 percent a year later.
The government forecasts tht the cut in company tax combined with the mining tax will increase Australia's gross domestic product by 0.7 percent a year.
"These changes will not be welcomed by every business or every interest group, but they are the considered, responsible changes we need if we are to turn our success during the gloal recession into enduring gains for our economy, our people and our nation," Rudd said in a statement.
Treasurer Wayne Swan told reporters he could not say whether tax legislation would be introduced to Parliament before national elections are held at a date to be set late this year.
Under the tax overhaul, resource-rich states would continue to reap mining royalties, but the federal government would refund those costs to mining companies before calculating their federal tax debt.
The tax would be levied on profits after all the costs of mining operations, capital investment and dividends to shareholders are deducted.
Marginally viable mine companies would potentially be better off in cases where the costs of extracting minerals barely cover royalty charges because of a price downturn or when the ore deposit is almost exhausted.
About AU$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Thursday, 29 December 11
NEW VESSELS DELIVERED ARE FLOODING THE OCEANS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected 2011 has been the year that newbuilding deliveries peaked and kept "flooding" the market, thus supressing freight rates and er ...
Tuesday, 27 December 11
MINERS MAKE CASE FOR RESUMING CONTRACT NEGOTIATIONS - THE JAKARTA POST
The Jakarta Post reported that, problems with the renegotiation of mining contracts in the country are far from over, as agreements on several cruci ...
Tuesday, 27 December 11
COAL SHIPMENT OF TIANJIN PORT REACHED 6.72 MLN TONNES IN NOVEMBER - STEEL HOME / HELLENIC SHIPPING
Tianjin port shipped 6.72 million tonnes of coal in November, decreasing 600,000 tonnes versus 7.32 million tonnes in October, while up 21.09% or 1. ...
Tuesday, 27 December 11
NEW CLAUSE PUBLISHED FOR SLOW STEAMING - BIMCO
Many owners and operators faced with high bunker prices are considering implementing slow steaming regimes to save fuel and to assist with capacity ...
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 t ...
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Showing 4911 to 4915 news of total 6871 |
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- White Energy Company Limited
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
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