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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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Friday, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of vessels in most shipping sectors is so intense that it’s become clear to ship owners that unless they scrap as many of their ...
Thursday, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
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- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Planning Commission, India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
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