base metals export tax in 2012
JAKARTA, Dec 23 (Reuters) Indonesia, a major global producer of raw materials, will look to Canada Goose Parka introduce export taxes for coal and base metals next year, as it tries to encourage more canadian goose jacket investment in its mining sector, a government minister said on Friday.
Last week, Southeast Asia largest economy, which is canada goose clearance sale the world top exporter of thermal coal, the globe second largest nickel producer and home to the world second canadagooseparks.com largest copper mine, said new financial canada goose uk outlet policies for commodities were in the offing but gave few details.
are preparing the concept of export canada goose uk black friday tax on mineral Canada Goose Coats On Sale products as a supporting canada goose policy for encouraging base metal and coal downstream industry canada goose coats on sale development, Industry Minister Mohamad Hidayat told Reuters on Friday.
He added that the idea would soon be discussed at the finance ministry fiscal policy agency led by Aryanto Sagala, head of industrial policy, climate and quality assessment agency at the canada goose uk canadagooseparks shop industry ministry.
we can impose uk canada goose outlet the export tax in 2012, Sagala added. is crucial as a milestone for a total export ban in 2014. If we wait until the total ban is imposed in 2014 then it will be late for the government in preparing the local downstream Canada Goose Online industry.
He added that the government would canada goose coats provide incentives for industry investment, such as tax allowances and tax holidays.
CASH COW The Indonesian energy and minerals ministry is already drafting a rule that would by 2014 require miners to carry out minimum processing on minerals before export.
Any regulation would be part of a mining and coal law introduced in cheap Canada Goose 2009 that requires miners to process coal and minerals into higher value products before Canada Goose online exporting cheap canada goose uk them, as Indonesia seeks to boost revenue from the mining sector.
The archipelago of 17,000 islands, the world fifth largest copper producer Canada Goose Outlet last year, has only canada goose store one copper smelter canada goose clearance and this shortage of smelter capacity is mirrored in other metals.
Industry players also argue that not all miners wish to extend their businesses into smelting and other value added procedures, and that the 2014 law would make them uncompetitive compared to miners in other producing countries.
the moment, the resource sector is a cash cow for governments all over the world whether emerging economies or first world economies, said Gavin Wendt, Sydney based analyst at MineLife. want to maximize the amount of income they can generate.
One of the things about Indonesia is that it is a relatively low cost producer. if all of a sudden you increase the costs of production, then a lot of mines are probably going to become uneconomic.
The country, which was returned to investment grade status by Fitch Ratings this month, already has export taxes in place for cocoa and palm oil, with the aim of ensuring domestic supplies and boosting downstream industries.
Indonesia has been considering an export tax on power plant fuel coal for many months, but implementation is buy canada goose jacket likely to face fierce opposition from the industry.
The canada goose factory sale country produces mainly low grade coal, used canada goose black friday sale predominantly in India Canada Goose sale and China.
Indonesian miners that could be hit by a new buy canada goose jacket cheap export tax include PT International Nickel Indonesia, PT Adaro Energy, PT Aneka Tambang, Canada Goose Jackets Freeport McMoRan Copper Gold Inc and PT Bumi uk canada goose Resources.
governments start talking about this sort of thing, it does create a lot of uncertainty and investors hate uncertainty, added Wendt.
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