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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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Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
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- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
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