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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 to tax the export of minerals and base metals starting next year.
Economists say such an initiative is a testament to the government’s long-term economic vision, in which local manufacturers are encouraged to add value to commodities, as well as contributing to national energy security.
For local miners, on the other hand, the upcoming export tax would be an additional burden that could affect their financial performance amid global economic uncertainties that could jeopardize future expansion plans.
Arif Hadianto, a spokesperson for Indonesia’s fifth largest coal miner, PT Berau Coal Energy, said coal producers already paid 13.5 percent of their total sales as royalties to the government, on top of the income and value-added taxes.
“A new tax would automatically be a burden. The government must take into account that coal producers have an obligation to meet domestic demand,” Arif said on Sunday.
Separately, Resource Alam Indonesia head of investor relations Erif Tirtana said small- and medium-sized companies would be hurt most by the tax plan. “The export tax will be a double tax, as we are already paying royalties. I just hope that the ministry will consider our grievances,” he said.
PT Antam corporate secretary Bimo Budi Satriyo said that the export tax would reduce his company’s profits. Bimo said that Antam, which exports nickel to China, Korea, and Europe, had to give 5 percent off its sales prices per ton of high calorie (garnierite) nickel ore and 4 percent for every ton of low-calorie (limonite) nickel ore in royalty fees.
“We still don’t know what the regulation will look like. As long as the government considers the royalty we are already paying. It will be okay.”
Association of Indonesian Mining Professional chairman Irwandi Arif said that the government should calculate the amount of export tax to help companies maintain their profits. He said, the tax should be re-distributed to develop industry in the country.
“The export tax should be used to provide incentives in development of coal-powered power plants, for example, in Mulut Tambang [in Tanjung Enim, South Sumatra]. It would be troublesome if the government fails to synchronize the use of the tax,” Irwandi said.
The tax plan was first introduced last week by Industry Minister Mohamad S. Hidayat, who said that the ministry was preparing the export tax on mineral products to encourage the development of derivatives products from minerals and base metals by local industries.
Hidayat said the regulation was poised to be implemented in the first half of 2012, pending approval from the Finance Ministry.
“The growth of the downstream industry will create jobs, add value to our products and reduce dependence on imports,” said Hidayat. He promised that investors who invested in downstream industries would be given tax holidays.
The planned export tax is in line with the ongoing process carried out by the Energy and Mineral Resources Ministry, which is drafting a regulation that will ban exports of raw mining products beginning in 2014. Prohibiting exports of raw mining product is a part of the government’s commitment to fully implement the 2009 Mineral and Coal Law, requiring miners to process coal and mineral into added-value products before exporting them.
Mining expert Kurtubi said that the government’s move to impose export taxes on non-renewable coal and base metals was “logical” as other commodity-based industries were already paying more.
“State revenue from coal and general mining is very little. Corporate tax for general mining sector is about 35 to 40 percent, while the royalty as stated in the contract of work is only about 1 percent.”
Source: The Jakarta Post
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Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
Friday, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
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- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
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