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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, 13 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The current sentiment in the dry market resembles memories from the end of 2008, when the Baltic Dry Index closed at the level of 663 points on Dece ...
Sunday, 12 February 12
INDONESIA HAS ISSUED A REGULATION TO BAN THE EXPORT OF UNPROCESSED MINERALS AND METALS BY 2014
COALspot.com - The Indonesian government has finally issued a ministerial decree (7 Year 2012 dated 6 February 2012) to ban the export of unpro ...
Sunday, 12 February 12
THE BALTIC DRY INDEX CLIMBS 10.51%
COALspot.com - "The markets touched record lows not seen since mid 80’s. However there was some good news with signs of market recovery a ...
Saturday, 11 February 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY
The week was highlighted with intense worries in the eurozone for Greece to secure its second bailout of $130billion by applying a ...
Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
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- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Planning Commission, India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
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