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Friday, 13 April 12
MINERS OPPOSE GOVTS EXPORT TAX PLAN - THE JAKARTA POST
 The Jakarta Post reported that, Indonesian mining companies have strongly protested the government’s plan to impose a 25 percent export tax on mineral ores and coal, saying that the measure would severely hurt their businesses because they already pay high income tax rates.
The executive director of the Indonesian Mining Association (IMA), Syahrir Abubakar, said in Jakarta on Thursday that the government should be aware that under their contracts of work, miners paid a corporate income rate of between 35 and 45 percent, which was higher than the 25 percent imposed on other companies.
“Some of them pay between 35 percent and 45 percent even though the 2008 Income Tax Law regulates that the tax is only 25 percent,” he told reporters on the sidelines of the launch of the Mining & Engineering Indonesian Exhibition in Jakarta on Thursday.
If the government insists on applying the export tax, it should also declare that all companies pay tax according to prevailing laws, and not based on their contracts, he said. Currently, contracts of work in the country use the principle of “nail down” in which the taxes paid by miners follow the regulations in force when the contracts were signed, he explained.
“It’s no problem if the government wants to increase its revenue by applying new taxes, but it has to ensure that all the companies are on the same level playing field and are getting the same treatment. If not, this will kill the companies,” Syahrir said.
The government has the power to call all contract holders and inform them that it will apply the prevailing laws in tax payment and therefore the conditions in the contracts have to be renegotiated, he said.
“There’s nothing wrong with the government’s desire to boost tax revenue, but it has to do it in a way that doesn’t endanger the miners,” he said.
He said the government had never invited mining companies to discuss the plan.
Supriatna Suhala, the executive director of the Indonesian Coal Mining Association (APBI), agreed with Syahrir that equal treatment for all miners was necessary. However, he warned that implementing the plan would be difficult if not impossible.
“If the government insists, we have to revise the content of the 2009 Minerals and Coal Law. Our contracts with the government must also be renewed. What we need is equal treatment. Now, companies pay taxes and royalties in different amounts,” he said over the phone.
“In my opinion, this plan will do more harm than good.”
The discourse over the export tax first began following Industry Minister MS Hidayat’s statement that the policy was aimed at preventing companies overexploiting the county’s mineral resources and selling it in ore form without thinking about the future of the nation’s reserves.
The planned tax will supplement the government’s decision to ban mineral ore exports in 2014, which is mandated by the 2009 Minerals and Coal Law and a 2012 ministerial regulation.
When asked about the export duty, the Energy and Mineral Resources Ministry’s director general for minerals and coal, Thamrin Sihite, declined to comment.
Source: The Jakarta Post
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Wednesday, 12 October 11
CAPESIZE - A SURPRISE JUMP IN RATES - BRS
There was a surge across all sizes last week, resulting in the BDI gaining 101 points to end the week at 2,000 points (+5.3%). The BCI reached 3,218 ...
Wednesday, 12 October 11
CAPESIZE FREIGHT RATES BOUND TO RETREAT FROM 2011 HIGHS ON THE BACK OF TONNAGE OVERSUPPLY SAYS BIMCO
According to Nikos Roussanoglou, Hellenic Shipping, with the BDI (Baltic Dry Index) breaking yet another 2011 high yesterday and ending the se ...
Tuesday, 11 October 11
GLENCORE, SUITOR FOR BUMI PLC? - INSIDER STORIES
Insider Stories reported that, the largest commodities trader in the world, Glencore International Plc, is considering an opportunity to acquire a m ...
Tuesday, 11 October 11
RENUKA COALINDO BUYS JAMBI COAL
PT Renuka Coalindo Tbk, formerly PT Allbond Makmur Usaha Tbk plans to acquire PT Jambi Prima Coal holder of mining concession in Pauh, Sa ...
Monday, 10 October 11
MOZAMBIQUE CHANNEL TO BE THE NEW PIRACY HOTSPOT FOR THIS YEAR SAYS MARITIME SECURITY EXPERT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The Mozambique Channel, as well as the entrance to the Persian Gulf, are expected to become some of the new pirate hotspots for piracy, says Richard ...
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- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- CNBM International Corporation - China
- The University of Queensland
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Central Electricity Authority - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
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