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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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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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Showing 111 to 115 news of total 6871 |
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- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Deloitte Consulting - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
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