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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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- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- PTC India Limited - India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- The University of Queensland
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
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