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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, 29 December 11
NEW VESSELS DELIVERED ARE FLOODING THE OCEANS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected 2011 has been the year that newbuilding deliveries peaked and kept "flooding" the market, thus supressing freight rates and er ...
Tuesday, 27 December 11
MINERS MAKE CASE FOR RESUMING CONTRACT NEGOTIATIONS - THE JAKARTA POST
The Jakarta Post reported that, problems with the renegotiation of mining contracts in the country are far from over, as agreements on several cruci ...
Tuesday, 27 December 11
COAL SHIPMENT OF TIANJIN PORT REACHED 6.72 MLN TONNES IN NOVEMBER - STEEL HOME / HELLENIC SHIPPING
Tianjin port shipped 6.72 million tonnes of coal in November, decreasing 600,000 tonnes versus 7.32 million tonnes in October, while up 21.09% or 1. ...
Tuesday, 27 December 11
NEW CLAUSE PUBLISHED FOR SLOW STEAMING - BIMCO
Many owners and operators faced with high bunker prices are considering implementing slow steaming regimes to save fuel and to assist with capacity ...
Sunday, 25 December 11
THERMAL COAL PRICES GAINED UP TO 4.32 PERCENT
COALspot.com - globalCOAL index gained 4.32 percent to US$106.36 per ton in RBCT, benchmark for South Asia and West Europe markets, for the week end ...
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Showing 4911 to 4915 news of total 6871 |
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Planning Commission, India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
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