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Thursday, 19 December 19
BANGLADESH'S NBR CUTS VAT ON COAL IMPORT FOR POWER PLANTS - THE DAILY STAR
The National Board of Revenue (NBR) reduced value added tax on the import of coal for power plants to 5 percent from present 15 percent for five years until June 2025 to allow electricity generation at lower costs, according to a notification issued on Tuesday.
The exemption is being offered at a time when three coal-fired power plants are being established in the public sector and one in Payara in the southern district of Patuakhali is likely to start producing around 660 megawatts of electricity next month.
Apart from this, four private sector coal-based power plants are in the process of being established, according to the minutes of a meeting between the NBR and Power Division in August this year.
A huge amount of coal would be required once these power plants go into operation.
The NBR said there were no customs and other duty for coal import.
After the VAT cut to 5 percent, a 5 percent advance tax and 5 percent advance income tax will still be applicable for private sector power plants.
Public sector power plants will need to pay only the 5 percent VAT to import coal, said an NBR official requesting anonymity.
As coal accounts for nearly 65 percent of the electricity production cost, a reduction in the VAT rate will bring down the cost of generation, said the meeting minutes.
Considering the issue, the NBR has decided to slash the VAT on coal import to help reduce the production cost, another NBR official had said earlier.
In its Tuesday’s notification, the tax administrator attached conditions for coal power plants to import coal.
Power producers will have to submit recommendation letters from Power Division to customs stations during release of coal.
Importers will also need to furnish a bill of entry, it said. A bill of entry is an account of goods entered at a customhouse, of imports and exports, detailing the merchant, quantity of goods, their type, and place of origin or destination.
The tax authority earlier provided duty benefit for the import of furnace oil, which is used in electricity generation, and liquefied natural gas.
The NBR in July 2013 offered a 15-year tax waiver for electricity generation with coal.
Companies that will sign contracts with the government by June 30, 2020 to establish coal power plants will receive the tax break on income from electricity generation, according to the notification issued at that time.
Source: The Daily Star
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Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Billiton Holdings Pty Ltd - Australia
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- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
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- Wood Mackenzie - Singapore
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- ICICI Bank Limited - India
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- Economic Council, Georgia
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- Merrill Lynch Commodities Europe
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- White Energy Company Limited
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- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
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- Dalmia Cement Bharat India
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- New Zealand Coal & Carbon
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- Petrochimia International Co. Ltd.- Taiwan
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- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
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- MS Steel International - UAE
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- Maheswari Brothers Coal Limited - India
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- Georgia Ports Authority, United States
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- Mintek Dendrill Indonesia
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- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
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- Heidelberg Cement - Germany
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- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
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- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
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- Renaissance Capital - South Africa
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- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
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- The Treasury - Australian Government
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- LBH Netherlands Bv - Netherlands
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- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
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- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
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- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
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- Orica Australia Pty. Ltd.
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- GAC Shipping (India) Pvt Ltd
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- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
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- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
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- Minerals Council of Australia
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- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
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- Commonwealth Bank - Australia
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- Baramulti Group, Indonesia
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