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45757
Sun, 02/15/2009 - 23:25
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SURPLUS FROM OIL SALES PUT IN NON-TAX STATE INCOME
Jakarta, Feb 15 (ANTARA) - The government said here on Sunday that it enjoyed an income surplus of Rp1.1 trillion from sales of fuel oils in January this year, which would be put as a non-tax state revenue.
"Our estimate is there will be a surplus of around Rp1.1 trillion, as non-tax state revenue," Finance Minister Sri Mulyani Indrawati said at the taxation directorate general.
She said that the retail price had been higher than the benchmark causing a surplus margin. She said if the retail price was lower than the benchmark the government would be required to give a subsidy which would be included as a subsidy expenditure.
The domestic fuel oil subsidy policy actually is based on two factors, namely the retail price and the benchmark price. The margin between the benchmark price and the retail price without tax is the subsidy. The benchmark price is the MOPS plus alpha. The MOPS is linked to the Indonesian Crude Price (ICP) which fluctuates following international prices.
The minister said the surplus happened because the world price of crude dropped. However, she remined that in 2008 the world crude price fluctuated from US$91 per barrel in January to US$135 per barrel in July and later slumped to US$39 at the end of the year, which was then followed by a fuel price cut since December 1 in the country.
"In view of the situation the government would continue maintaining the stability of the domestic fuel price, following the rise of subsidy from February to October and a surplus in November and December 2008," she said.
She said all calculations both on surplus and subsidy would be put in the 2008 Central Government Financial Statement (LKPP) which would later be audited by the Supreme Audit Board (BPK).
"The LKPP will be finished in March and later audited by the BPK. The Rp1.1 trillion surplus in January 2009 will also be audited by the BPK," he said.
According to her, the Rp1.1 trillion surplus would be used to offset a subsidy need in 2009 which could rise by Rp2.7 trillion. The amount is apart from the fuel subsidy proposed by the government in the revised 2009 budget.
"Probably we will increase the subsidy by Rp2.7 trillion by the end of the year. If we talk about a one-year management the Rp1.1 trillion will be used to offset the subsidy which will probably increase by the end of 2009," he said.
"Our estimate is there will be a surplus of around Rp1.1 trillion, as non-tax state revenue," Finance Minister Sri Mulyani Indrawati said at the taxation directorate general.
She said that the retail price had been higher than the benchmark causing a surplus margin. She said if the retail price was lower than the benchmark the government would be required to give a subsidy which would be included as a subsidy expenditure.
The domestic fuel oil subsidy policy actually is based on two factors, namely the retail price and the benchmark price. The margin between the benchmark price and the retail price without tax is the subsidy. The benchmark price is the MOPS plus alpha. The MOPS is linked to the Indonesian Crude Price (ICP) which fluctuates following international prices.
The minister said the surplus happened because the world price of crude dropped. However, she remined that in 2008 the world crude price fluctuated from US$91 per barrel in January to US$135 per barrel in July and later slumped to US$39 at the end of the year, which was then followed by a fuel price cut since December 1 in the country.
"In view of the situation the government would continue maintaining the stability of the domestic fuel price, following the rise of subsidy from February to October and a surplus in November and December 2008," she said.
She said all calculations both on surplus and subsidy would be put in the 2008 Central Government Financial Statement (LKPP) which would later be audited by the Supreme Audit Board (BPK).
"The LKPP will be finished in March and later audited by the BPK. The Rp1.1 trillion surplus in January 2009 will also be audited by the BPK," he said.
According to her, the Rp1.1 trillion surplus would be used to offset a subsidy need in 2009 which could rise by Rp2.7 trillion. The amount is apart from the fuel subsidy proposed by the government in the revised 2009 budget.
"Probably we will increase the subsidy by Rp2.7 trillion by the end of the year. If we talk about a one-year management the Rp1.1 trillion will be used to offset the subsidy which will probably increase by the end of 2009," he said.
