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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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Thursday, 05 January 12
DRY BULK MARKET TAKES A PLUNGE OF LOW ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected the first days of the new year are characterized by significantly low chartering across the board of the dry bulk market, pus ...
Wednesday, 04 January 12
NEWBUILDING ORDERS PICKED UP IN 2011, BUT 2012 EXPECTED TO BE A DIFFERENT STORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) starting the year on a sour note, losing 114 points and ending yesterday’s session, the first of the new year, ...
Wednesday, 04 January 12
MAHAGENCO TO IMPORT LOW MOISTURE COAL
COALspot.com - Maharashtra State Power Generation Co. Ltd. is the state power generation utility owned by Government of Maharashtra, intends to proc ...
Tuesday, 03 January 12
INDONESIA COAL REFERENCE PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the January 2012 coal reference price at US$ 109.29 per ton or US$ 3.3 ...
Tuesday, 03 January 12
WHICH WAY WILL THE DRY BULK MARKET HEAD ON FIRST WEEK OF THE YEAR? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Dry bulk ship owners will be wondering which way will the BDI (Baltic Dry Index), the industry’s benchmark, will head during the first days of ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- The University of Queensland
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
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