Tuesday, July 10, 2007
BI optimistic this year economic growth to exceed 6 percent
Bank Indonesia (BI) Governor Burhanuddin Abdullah said Monday the central bank is optimistic the economy will grow by more than 6 percent this year due to a robust lending growth. Labels: Bank, Indonesia, Internet News, Market, Money
"Apart from that, with the state budget realization rate expected to improve in the thirdand fourth quarters, economic growth is likely to exceed the figure," Burhanuddin said following a meeting of the bank's board of governors on Monday.
The meeting agreed that the economy would perform better in the second semester, he said.
The economy in the two previous quarters was on the right track and it would continue to expand during the rest of the year, he said.
He believed full-year inflation rates would hit the central bank's inflation target of 6, plus orminus 1, percent for 2007 and of 5, plus or minus1, percent for 2008.
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The government will review the possibility of cooperating with PT Microsoft Indonesia in terms of software legalization process in all governmental institutions. Labels: Indonesia, Internet News, Microsoft, Money, People, Software
This is because Microsoft is currently marketing cheap software, priced at US$3 or around Rp27,000 each.
Cahyana Ahmadjayadi, Director General of Telematics Applications at the Information and Communication Department, said the review would not reduce the government's concern regarding open source software.
The reason for this, he said, was that the software procurement process will still be carried out transparently or in accordance with regulations, which includes through the tender mechanism.
Yet, the government must give equal treatment and opportunities to all software vendors.
Thus, the government cannot guarantee the software to be used will be open source-based.
This is because the government's task is to create conducive situation in competition.
“Let all players (software vendors) join in. The winner can be anybody. We're also waiting for the offer from Microsoft,” said Cahyana in Jakarta, yesterday (26/6).
When asked for confirmation about the plan, Tony Chen—Microsoft Indonesia's President Director—welcomed the government's response and will soon carry out a dialog.
“We've proposed a request to meet with the Information and Communication Minister. Now we're waiting for the answer,” said Tony.
However, Tony stressed the software will only supplied for the education sector and not for all of the government's computers.
Tony said he hoped that Microsoft was not obliged to go through the regulation of goods procurement by tender. According to Kemal Stamboel, Head of National Technology Council, the cooperation review is very likely bearing in mind that the memorandum of understanding (MoU) made earlier by the government and Microsoft Indonesia had not been dropped.
“Only the approach paradigm is different,” he said.
This means, software procurement in government's institutions used to be carried out centrally.
But now it is carried out by each institution and the procedures are made by the National Technology Council. The procedures are being completed and are estimated to be finished during the next three months at the very latest.
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The Finance Department was finally able to announce the finding of unreported bank accounts of the Supreme Audit Agency's (BPK)or unclassified version in the 2006 Central Government's Financial Statement (LKPP). The number of the unclassifed accounts is 2,396 with Rp2.7 trillion value. The total of unauthorized accounts that have been found since 2004 is 5,591 and are worth Rp20 trillion. Labels: Economy, Indonesia, Internet News, Money, Politics
According to the Director General of the Treasury of the Finance Department, Herry Purnomo, the department still needs to ask clarification from 35 ministries or state institutions where the accounts were found. “The team was only given six months to bring order to the unreported accounts,” said Herry at his office, Friday (15/6).
The accounts found in 2006 LKPP comprised demand deposit of 2,141 accounts in general banks that are worth Rp2.5 trillion in the form of time-deposits and 260 accounts worth Rp144,316,88 billion. “Those accounts will be classified as state revenues,” he said.
In addition to arranging the unreported accounts in 2006 LKPP, the team will also ask for clarification of the previous unauthorized accounts totaling 3,195 at 35 ministries or state institutions that are worth Rp17.6 trillion. “Whether there is duplication or they have their own divisions,” he said.
In order to arrange the accounts, Herry said the Finance Minister has issued two Finance Minister Regulations. First, No. 57/PMK.05/2007 dated June 13, 2007 on the Management of the Bank Accounts of the State Ministries/Institutions/Offices/Working Units. The second, No. 58/PMK.05/2007 dated June 13 on the Arrangements of Government Bank Accounts for State Ministries/Institutions. “And she issued a Finance Minister Instruction for the Finance Department to regulate the unreported accounts within three month time,” he said.
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The House of representatives (DPR) has been asked to form a special team to investigate the liquefied natural gas (LNG) sales contract from Tangguh gas field in Papua. Labels: Indonesia, Internet News, Money
The price of Tangguh gas overseas is regarded as cheaper compared to that of domestic gas sales.
Effendi Situmorang, an oil industry observer, said that the team was aimed at researching and probing the contract and sales price of Tangguh gas.
The special team, he said, comprises DPR members, government officials and the Supreme Audit Agency (BPK).
“The purpose of forming the team is to take responsibility as regards whether the 20-year gas sales contract will result in benefit or loss for the state,” he told Tempo yesterday (13/6).
According to Effendi, the Tangguh gas sales price, US$3.5 per mmBtu on average, is the lowest price in the history of Indonesia's LNG sales.
“LNG price from Tangguh is lower than gas price in domestic market, which is above US$4 per mmBtu on average,” said the former Pertamina's Director of Production Sharing Management (now the Upstream Oil and Gas Executing Body or BPH Migas).
He explained that now the State Electricity Company's (PLN) power plants buy gas at prices above US$4 per mmBtu on average.
Moreover, Tangguh gas sales price can cause price discrimination in LNG from Arun gas field in Aceh and Badak gas field in East Kalimantan.
“Up to now Japan buys LNG from Indonesia at between US$7 and US$8 per mmBtu on average,” said Effendi.
Purnomo Yusgiantoro, Energy and Mineral Resources Minister, disagreed that Tangguh gas sales price was too cheap.
His reason was that the US$3.5 per mmBtu price is the export price (free on board).
“When the goods reach the destination, the price can reach US$7 to US$9,” he told Nieke Indrietta from Tempo.
Purnomo went on to say that around 50 percent of Tangguh's LNG for Sempra is also transferred to other contract to gain a better price.
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Humpuss To Issue US$400 Million In Bonds
PT Humpuss Intermoda Transportasi Tbk. plans to issue bonds worth US$400 million to purchase five ships this year. Earlier, this company that runs a sea transportation business planned to obtain a banking loan to fund its expansion. Labels: Bank, Internet News, Money
Agus Darjanto, President Director of Humpuss Intermoda, said that based on analysis the company has carried out, it had been decided not to obtain a banking loan.
“If we borrow from banks, there is little ‘room to move,’ despite us needing a large amount,” he said after holding a press conference following Annual and Extraordinary General Meetings of Shareholders in Jakarta yesterday (13/6).
Agus said the bonds that will be issued comprise of senior debt amounting to US$350 million with eight year period and junior debt of US$50 million with five year period.
The funds will be the sources of the company's expenditure up until to 2010.
He went on to say that after purchasing the new ships, the company plans to continue securing the company's assets in order to look for new loans.
The funds, said Agus, will be used for refinancing all the company's debts, including bond obligations.
Humpuss has allocated US$159.6 million (around Rp1.4 trillion) to purchase five new ships.
According to Agus, the five ships consist of Panamax ships and chemical tank ships.
As regards Panamax, those we are aiming at are that like the ships of Malaysia, Thailand, Japan and Korea,” he said.
In terms of chemical tank ships, the targets are 13,000 dead weight tons (DWT) ships.
The purpose is to meet the international market segment.
Earlier, Sapto Basuki, Humpuss Intermoda's Corporate Secretary, said that some of the funds for purchasing will be gained from the sales of two oil tank ships whose contract terms have ended and are worth US$36 million (Rp316 billion).
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At a meeting of the Bank Indonesia (BI) Governors Board on Thursday (7/6), it was decided to lower the BI rate once again, this time by 25 base points to 8.50 percent from the previous 8.75 percent. Labels: Economy, Indonesia, Internet News, Money
Budi Mulya, BI's Director of Strategic Planning and Public Relations, said that the lowering of the BI rate was based on consideration of the prospects of this year's inflation target of six plus-minus one percent and next year's five plus-minus one percent.
“The decrease was also following our in depth study of the latest economic and financial developments,” he said in Jakarta.
He went on to say that in general, the economy will still continue with a more balanced pattern.
This is reflected in the economic growth target of 5.7 percent, higher than BI's initial projection.
In addition, the Rupiah exchange rate in May also strengthened from an average Rp9.093 against the US dollar in April to Rp8.838 against the US dollar in May, 2007.
“May's inflation was also still maintained.”
Core inflation was recorded at 5.62 percent year on year, the lowest rate in the last six years.
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The public being ably to access easily information from governmental institutions is considered as one of the important factors in advancing corruption eradication. Labels: Internet News, Money
This was conveyed by World Bank communication officer, Ahmad Sukarsono.
“Indonesia already has good instruments for corruption eradication, but without public open access, i believe corruption eradication will be more difficult,” said Ahmad during the Workshop of Access to Obtain Information and Good Governance in Indonesia at Le Meridien Hotel, Jakarta, Tuesday (22/5).
According to Ahmad, the Freedom to Obtain Public Information (KMIP) Bill which is being discussed by the House of Representatives (DPR) will be the oxygen for corruption cases in Indonesia.
World Bank as a financial organization which often provides loans, supports this KMIP Bill being passed.
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The producers of crude palm oil (CPO) lowered the sales price at the factory level to Rp6,100 per kilogram starting yesterday (14/5). On Friday (11/5), the CPO sales price was Rp6,500 per kilogram. Labels: Internet News, Money
By the decrease of the CPO sales price at factory level, it is expected that the price of cooking oil can decline to between Rp6,500 and Rp6,800 per kilogram, as expected by the government. The national average retail price of cooking oil is still Rp7,900 per kilogram.
This was an agreement between the government and CPO and cooking oil producers during the cooking oil price evaluation meeting at the Trade Department yesterday.
In the agreement in early May with the producers, the Trade Department threatened it will impose sanctions in the form of a hike in CPO export levies if producers could not lower the cooking oil price to Rp6,500-Rp6,800 on June 1.
Industry Minister, Fahmi Idris, said that producers were ready to supply between 100,000 and 150,000 tons of CPO to Java and outside Java. “As much as 80 percent goes to Java,” said Fahmi after the meeting.
Director General of Agriculture Products Marketing and Processing at the Agriculture Department, Djoko Said Damardjati, said yesterday that producers who are not in the Indonesian Palm Oil Entrepreneurs Association were also willing to provide 10,000 tons of additional CPO, which only awaits the approval of company leaders in Malaysia.
The price of cooking oil up to last weekend in several regions was still high.
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Some State Officials Do Not Pay Tax
The Tax Directorate General revealed several names of state officials who have not paid tax or submitted the Yearly Information (SPT) of Tax. “They also don't have a personal tax number (NPWP),” Tax Director General Darmin Nasution told reporters in Jakarta, yesterday (14/5). Labels: Internet News, Money, Tax
Although he has pocketed the names, he refused to explain the identities of state officials who did not pay tax. He was also reluctant to give the details of institutions or departments of the officials who did not report their tax obligation by the Tax SPT because he will first report the cases to President Susilo Bambang Yudhoyono.
Regarding the names of civil officials of echelon IV up to I who neither have NPWP nor submitted Tax SPT, they will be reported to the respective ministry or state institutions. “This is a part of tax intensification to optimize the state revenue,” he said.
A House member, Andi Rahmat, said that the signals of state officials not paying tax have already been there a long time and this could happen. However, there is a possibility that the officials did not intend to break the law or avoid the obligation to pay tax.
The State officials generally have NPWPs. The problem is, he said, they are not accustomd to filling out Tax SPT. “Perhaps many ministers don't know how to fill out Tax SPT,” he said while mentioning that he already filled out his Tax SPT.
Therefore, he said that the Tax Directorate General must intensify the campaign of self assessment of tax much more. “Everybody must have an NPWP, especially those whose income exceeds the income that is tax-free,” he said.
He was sorry that Indonesia does not have a solid system yet like European countries which already implemented NPWP ownership. “In Europe, even people who want to make a call must show his or her NPWP, so they comply with the tax system,” he said.
He still supports the publication of the tax embezzlers. “The Tax Directorate General's findings must be revealed soon so that people feel the obligation to pay tax.”
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Tax Officials to Hunt Down Sukanto Tanoto
The Tax Directorate General at the Finance Department will concentrate on hunting down the main players in the Asian Agri Group tax embezzlement case, including the company's owner Sukanto Tanoto and the other shareholders. Labels: Internet News, Money, Tax
Mochamad Tjiptardjo, Director of Tax Intelligence and Investigation at the Finance Department's Tax Directorate General, did not deny the possibility that the Asian Agri's owner could be legally charged.
”If there is proof, then why not? This is already classified as a criminal case,” said Tjiptardjo in Jakarta yesterday (15/5).
“The numbers of the suspects and the amount of the state's losses may increase,” he said
When asked the same question, whether or not the Tax Directorate General would also hunt down Sukanto Tanoto, on a separate occasion, Finance Minister Sri Mulyani Indrawati said, “We'll see how the Tax Directorate General handles the case. But clearly, the government will chase after payment of all the tax debts plus the fines.”
On Monday (14/5), the Tax Directorate General already stated that five Asian Agri Group directors were suspects of tax embezzlement. The five persons' initials are LA, WT, ST, TNK and AN.
Asian Agri is the second biggest holding company in the Grup Raja Garuda Mas – a company owned by Sukanto Tanoto, Indonesia's richest person in 2006 according to Forbes magazine.
According to Tjiptardjo, 18 members of the Tax Directorate General investigation team are working domestically and abroad to search for new findings in the case.
The legal base being used to charge the embezzlers, including those who asked for the manipulation to be carried out, he said, was Decree No. 16/2000 on Tax General Provisions and Procedures.
So far, according to him, the case development was only as far as the involvement of the five Asian Agri directors.
Signs regard new suspects have not yet been reached at this level of the investigation.
It is so far estimated that the state's losses amount to Rp786.3 billion, or around 30 percent from the total funds marked-up by the company which reached Rp2.62 trillion, but this amount could rise.
According to M. Salim, Director of the Attorney General's Office Investigators, the AGO is still analyzing public complaints about Asian Agri’s alleged corruption and tax embezzlement practices.
“We just received the reports last week,” said Salim.
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The police have frozen nine bank accounts that belong to PT Wahana Bersama Globalindo, which is suspected of having embezzled its customers' funds. Labels: Bank, Internet News, Money
According to Adjunct Chief Commissioner Tornagogo Sihombing, Head of the Jakarta Regional Police’s State Security Unit, most of the bank accounts' balances were nearly zero.
There were accounts with some funds, he said, but at most the balances were Rp1 million.
“We have already frozen nine accounts, including those in Citibank, BII, Bank Mandiri and BCA,” said Tornagogo yesterday (9/5).
Tornagogo went on to say that freezing the accounts was aimed at securing the assets of company which was suspected of having embezzled customers' funds totaling at least Rp1.4 trillion.
The police have also frozen other assets such as land, buildings and vehicles.
However, Tornagogo acknowledged he could not yet estimate the total value of the frozen assets.
He explained that the company which had been operating for 10 years started to become unsteady when customers in Surabaya withdrew their money in large amounts
“Then this affected other branches,” he said.
According to Tornagogo, the police are also investigating whether or not there were any misconducts in the customers' funds management because the funds collected in one city should have been transferred directly to Dressel.
“But lately funds have been transferred to Wahana first, not directly to Dressel,” said Tornagogo.
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Wednesday, May 09, 2007
State Suffers Tens of Million Rupiah Losses Due to Fictitious Tax Invoice
Up to early May 2007, the Tax Directorate General has found nine cases of fictitious tax invoices which caused the state to suffer more than Rp20.1 billion in losses. The five fictitious tax cases were in Medan, North Sumatra; one in Jambi; two in Lampung and one in Jakarta. Labels: Internet News, Money, Tax
The Director of Tax Intelligence and Investigation, Mochamad Tjiptardjo, said in Jakarta yesterday (7/5) that tax officers were also finalizing the investigation into the fictitious tax invoice carried out by a consultant office in Jakarta. “We continue concentrating on this case as the loss is certainly higher (than the findings in the nine cases),” he said.
The findings in the fictitious tax invoice cases, he said, were based on the complaints, reports and information from the general public to the tax investigation officers during 2007. The mode of operation includes preparing annual notification letter on behalf of the taxpayer's name with the claim amount already arranged based on the taxpayer's request, also issuing and using fictitious tax invoices.
Based on the administration records of the Tax Directorate General, he said taxpayers, either a body or individual, who have become suspects did not have tax numbers or never submitted the annual income tax notification.
He stressed that every action of using fictitious tax invoices is subject to imprisonment in line with Article 39 Paragraph 1, Letter a,b and c in conjunction with Article 43 Paragraph 1 of the Decree No.16/2000 on Tax General Provisions and Procedures.
The Head of the Tax Investigation Sub-directorate, Ilhamsyah, said the perpetrators who abused the fictitious tax invoice have become suspects.
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The government ordered PT Minarak Lapindo Jaya to pay compensation to locals starting this Monday. This was included in the points of agreement resulting from the dialog between the government, hot mudflow victims and Lapindo, Wednesday (2/5). Labels: Internet News, Money, People
The dialog that went on from 3pm to 9.30pm was attended by the government – comprising the Sidoarjo Mudflow Handling Agency and the National Land Agency- PT Minarak Lapindo Jaya; Head of Sidoarjo Regional Representatives Council (DPRD); Porong District Chief, Tanggulanging District Chief also representatives from four villages – Jatirejo, Renikenongo, Kedungbendo and Siring.
“Compensation must be paid as soon as everything has passed the verification of notary or officials empowered to draw up land deeds (PPATK),” said Head of the Sidoarjo Mud Handling Agency Advisory Board Chairman, Bachtiar Chamsyah, during a press conference after the tripartite negotiation, at the Social Affairs Department, Jakarta, Wednesday.
In addition, the agreement says if a resident does not have the building permit (IMB), the building width will be based on the Sepuluh Nopember Technology Institute, Surabaya's (ITS) data. Then, if the ITS data is lacking, the building width will be based on the letter of resident's statement legalized by the government based on the Government Regulation No. 14/2007.
Sidoarjo DPRD Chairman, Arly Fauzi, acknowledged he was not satisfied with the agreement. This is because there has not yet clarity about the definition of 'certificate legalization by the government.'
One of the residents' representatives, Khairul Huda, also said he was dissatisfied with the agreement.
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It is possible that the Bank Indonesia's interest standard (BI Rate) will decrease due to deflation (goods and service's price decreases) last April. Labels: Bank, Internet News, Money
It is estimated that by the end of the year, the BI Rate could reach 8.5 percent.
“The room for a BI Rate decrease is larger,” said Burhanuddin Abdullah, Bank Indonesia (BI Governor) in Jakarta yesterday (2/5).
Deflation, he said, also enlarged the possibility of reaching the inflation target of six percent plusor minus one percent.
“The possibility to reach the inflation target is larger,” he said.
On Tuesday (1/5) the Central Statistic Bureau (BPS) announced there was 0.16 deflation, better compared to in March which underwent inflation of 0.24 percent.
Of 45 cities surveyed by BPS, 30 cities or 66 percent underwent goods and service's price decreases, while the remainders underwent inflation.
The deflation was due to the decrease of prices shown by the decreasing index of food category (11.30 percent) and leisure and sports education (0.03 percent).
The causes of deflation include the drastic decrease of rice and red chili prices as also other vegetables.
In the State Budget 2007, the government targets annual inflation to be 6.5 percent while BI's target is six percent plus-minus one percent.
Currently, the BI Rate is at the level of nine percent.
During the meeting of Governors Board in early April, the central bank did not lower the interest standard as there was a threat of inflation.
Boediono, Coordinating Minister for the Economy, stressed that the deflation in April was extreme.y good agreeable because it strengthened the government's optimism in maintaining economic stability.
Therefore, the government will maintain the low inflation rate maximally in the following months.
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A business group from Russia, Altimo – Alfa Group is rumored as ready to buy 42 percent of the PT Indonesian Satellite's (Indosat) shares owned by ST Telemedia (Singapore). Labels: Internet News, Money, Network, People
Coordinator of the Business Technology and Information Analysis Institute, Musarman, explained that from the result of his institution's study, Altimo's plan to buy Indosat was discovered. “They provide US$2 billion of funds (around Rp18 trillion) for the transaction,” Musarman told Tempo in Jakarta yesterday (30/4).
He said that in order to realize the plan, Altimo has designed two scenarios. First, Altimo will directly buy 42 percent of Indosat's shares from ST Telemedia. Second, Altimo, through the State Enterprises Ministry, will buy all Indosat's shares that are owned by the Temasek Holding's subsidiary.
Musarman said, in carrying out the missions, Altimo utlized its representative in Jakarta to perform lobbying. “The name is Suharto,” he said.
When asked for confirmation, Suharto, who was in Russia, disputed the accusation. “That's not true,” he said.
He promised he would respond to the accusation by the time he returns from Russia. Indosat's spokesperson, Adita Irawati, also acknowledged not having information about the purchase plan. “So far we only know about the issue from the media,” she said.
Earlier, the government was also interested in buying back Indosat's shares from PT Telemedia. Vice President Jusuf Kalla, on many occasions, stated that the government wanted to buy back Indosat's shares. Adding to this, many groups in the House of Representatives (DPR) and the Regional Representative Councils (DPDs) continue generating support for the plan.
Indosat's shares on the floor of the stock market has been recording a rise since last week. On yesterday's trade, Indosat's price closed at Rp6,800 per share, rising Rp400 compared to Wednesday's (23/4) price of Rp6,400.
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