*As seen on our tweet:* [image: Inline image 1]
Menyusul post kami sebelumnya tentang rilis riset Standard & Poor's yang
mempertahankan *outlook Indonesia mining sector* Stabil sekaligus meragukan
implementasi pembebanan pajak yang ekstrim dan posisi analisis JP Morgan
yang kurang lebih sama, hari ini 17 April Credit Suisse ("CS") dalam rilis
riset* Indonesia Coal Sector* menegaskan *coal* akan dikecualikan dari
pemberlakuan *tax export*.
CS menyebutkan bahwa upaya pembebanan pajak ekspor sudah pernah dicoba pada
tahun 2005 dan Pemerintah kalah melalui putusan Mahkamah Agung yang
menyatakan klausul stabilisasi dalam kontrak pertambangan batubara (CCoW)
sudah membatasi besaran pajak yang dapat diterapkan.
CS:
*● An additional 15-25% export tax would discourage coal companies to
export sales, as their profit margins would drop significantly. Being the
largest supplier of seaborne coal, this would have positive impact on the
international coal price, but not the domestic price. Coal exports account
for 12% of total exports and mining output accounts for 3% of GDP. The
government has more to lose in applying an export tax on coal, than gain.*
* *
*● Coal companies have indicated that export tax would not be applied for
coal exports. We believe that the government is aiming to impose export
taxes on other ore exports (primarily nickel and bauxite), rather than
coal. Coal mining companies, however, have stated that the **export tax
would not affect coal. An export tax on coal was applied in 2005, but it
was overruled by the Supreme Court as being inconsistent with the mining
law. CCOW (coal contract of work) holders should not get affected by any
change in taxation. *
*
*
*● The government charges royalty and corporate income tax on
coal companies. In addition, mining companies also contribute to the local *
*community in the form of CSR (corporate social responsibility)
for community development. *
*● We have retain our OVERWEIGHT rating on the sector, with top **picks:
ITMG, HRUM, and PTBA. *
*Tweet:*
- Credit Suisse:Tax export tdk berlaku terhdp coal,maintain Indo Coal
Sector Overweight (Buy).Top picks:ITMG,HRUM,PTBA (http://tinyurl.com/7wep2td
)
- Credit Suisse 17 Apr: GoI tdk akan terapkan export tax thdp coal. GoI
pernah coba 2005 & kalah di Mahkamah Agung. (http://tinyurl.com/7wep2td)
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