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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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Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
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 ...
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Showing 4966 to 4970 news of total 6871 |
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- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- PTC India Limited - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- The University of Queensland
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
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