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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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Sunday, 20 November 11
THE FREIGHT MARKETS EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The market continued to move up with all sectors gaining except for handy size.
The BDI was up by 3.26 pct and closed at 1895 poin ...
Friday, 18 November 11
MMTC SEEKS 1.365 MMT OF IMPORTED COAL
COALspot.com - India's MMTC, the largest trading company of India and a major trading company of Asia, has issued a term supply tender for 1.365Mt ...
Friday, 18 November 11
KPC, ARUTMIN OUTPUT REACHED 47.1 MIO TONS - INSIDER STORIES
PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, reported 47.1 million tons of coal production in 9M 2011, according to Indiser Stories.
Insi ...
Friday, 18 November 11
THE ATLANTIC SUPRAMAX MARKET EXPERIENCED A STEADY AND FIRM TENDENCY
Handy
The Atlantic Supramax market experienced a steady and firm tendency this week. Especially the North Atlantic and Mediterranean position ...
Friday, 18 November 11
BERAU COAL 9M PROFIT SOARS 194.46% - INSIDER STORIES
Insider Stories reported that, PT Berau Coal Energy Tbk (BRAU), which is 84.7% owned by Bumi Plc, reported a 194.46% jump in net profit by end of Se ...
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- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Australian Coal Association
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- The University of Queensland
- Planning Commission, India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
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