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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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Friday, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
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- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- White Energy Company Limited
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
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