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Wednesday, 16 November 11
TAX OFFICE VOWS TO CRACK DOWN ON COAL MINERS - JP
 The Jakarta Post reported that, the Finance Ministry’s Directorate General of Taxation says that it will strengthen its supervision of coal mining companies amid indications of potential legal violations in calculating their tax payments.
Tax office spokesman Dedi Rudaedi said in a press release sent to The Jakarta Post on Tuesday that more tax supervisors who understood the technical aspects of coal mining would be assigned to ensure that there were no legal violations in calculating the companies’ tax burden.
Dedi added that the technical ministry overseeing coal mining companies, the Energy and Mineral Resources Ministry, had the expertise to determine production, cost recovery and operational costs of coal miners.
It was also important to improve the exchange of information between the tax office and the Energy and Mineral Resources Ministry, as mandated by the 2009 Taxation, he added.
“With that effort, the tax office can examine and ensure that the information contained in the tax forms submitted by taxpayers in the coal mining sector is true,” Rudi said.
Deputy Energy and Mineral Resources Minister Widjajono Partowidagdo said that calculating operational costs in the coal mining sector was not as transparent a process as it was in the oil and gas sector.
“In coal, miners calculate operational costs by themselves, while in the oil and gas sector, the amount of the costs must be approved by [upstream oil and gas regulator] BPMigas,” he said.
Widjajono said that a coal and mineral mining company’s revenues were comprised of operational costs, the government’s share and the company’s share.
The higher the costs, the smaller the returns to the government would be, he added.
Indonesian Coal Mining Association (APBI) chairman Bob Kamandanu told the Post that all costs and expenditures reported to the tax office and the Energy and Mineral Resources Ministry were audited first so there was only a very small possibility for a coal miner to balloon their operational cost figures.
“We have a tax officer supervising each coal company. Our financial statements must also be audited by public auditors. We are also audited by the Development Finance Comptroller [BPKP],” he said.
Bob said that the operational costs of coal miners usually came from subcontractors who charged them for each project undertaken.
Coal mining companies checked the validity of prices listed on invoices submitted by subcontractors before approving them, Bob added.
“However, we will fully support it if the government wants to improve its supervision of coal mining companies to check whether there is something wrong,” Bob said.
Indonesia’s coal production is estimated to reach 370 million tons in 2011, with 65 million tons allocated for the domestic market.
The Energy and Mineral Resources Ministry previously said it expected investment in the mineral and coal mining sector to reach US$3.2 billion this year, a slight increase from last year’s figure of $3.18 billion.
Source: The Jakarta Post (By Rangga D. Fadillah)
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Wednesday, 26 October 11
INDIAN MARKET WAS REMAINED TIGHT THE WHOLE LAST WEEK - BRS
The market once more seems to be at a crossroads. The indices last week remained fairly stable (except for the Panamax sector), ending the week as f ...
Tuesday, 25 October 11
DRY BULK MARKET STEADY, ANALYSTS LOOKING FOR ADDED PRESSURE ON THE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was unchanged on Monday, with the industry’s benchmark, the BDI (Baltic Dry Index) ending the session at 2,153 points, exa ...
Monday, 24 October 11
NEW HEAD OF INDONESIA'S MINING MINISTRY GETS RAKED OVER THE COALS - JOSEPH KIRSCHKE
COALspot.com - Following Indonesia’s presidential cabinet shakeup last week, many are questioning the qualifications of Energy and Mineral Res ...
Monday, 24 October 11
CHINA QINHUANGDAO COAL PRICE RISES TO HIGHEST IN THREE YEARS - BUSINESSWEEK
Business week reported that, China’s power-station coal price rose to the highest level in three years as power stations and central heating p ...
Monday, 24 October 11
CAPESIZE RENTAL RATES RISE FOR THIRD DAY AS MORE SHIPS HIRED - HELLENIC SHIPPING
Rates to hire capesize vessels advanced for a third day on signs of increased demand to transport iron ore, used to make steel.Daily rates for the s ...
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- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Australian Coal Association
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
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