Published on 08/03/2024 at 16:49 GMT+7 Reading time
Minister of Energy and Mineral Resources, Arifin Tasrif, said the government is calculating tax for PT Vale Indonesia before granting contract extension for the company in the form of special mining business permit (IUPK) after its share divestment.
"There is still calculation on tax for PT Vale Indonesia that should be completed," Arifin said on Friday, March 8, 2024.
The new calculation of tax is carried out because the company has new production plan, the minister said, adding that after the tax calculation is completed, the government will give permit extension for the company based on the existing law.
PT Mineral Industri Indonesia (MIND ID), together with Vale Canada Limited (VCL) and Sumitomo Metal Mining Co., Ltd. (SMM) signed a share sale and purchase
agreement for the divestment of PT Vale Indonesia (INCO) in Jakarta on February 26, 2024.
This agreement is a continuation of the Heads of Agreement signed on November 17th, 2023. MIND ID together with VCL and SMM have agreed on the acquisition of PT Vale Indonesia shares by MIND ID, amounting to 14 percent of the total share ownership of the company.
The agreement signing is a crucial step for PT Vale Indonesia to fulfill its divestment obligations, as required by the Mineral and Coal Mining Law. This is a necessary prerequisite for extending PT Vale Indonesia’s Contract of Work through a Special Mining Business Permit (IUPK).
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