Sun, 09 May 2010

TEMPO Interactive, Jakarta: The government announced that it has introduced a new regulation on transparency of state revenue from extraction industry to regulate revenue reports off all parties involved in mining idustry from the regional authorities to state mining firms.

Coordinating Minister for the Economy Hatta Radjasa said on Friday (7/5) the Presidential Regulation No.26 of 2010 paves the way for the formation of an enforcement team that will monitor and ensure transparent revenue reporting by the end of this year.

Under the regulation five institutions and one person will become the directors of the policy which include the Coordinating Ministry for the Economy, Energy and Mineral Resources Department, Finance Department, Home Affairs Department, the Finance and Development Comptroller and former Environment Minister Professor Emil Salim.

In the execution level, there were all lower officials with the above institutions, the Oil and Gas Regulatory Body, Pertamina and representatives from regions where extraction of natural resources occurred.

Hatta said the government is expected to complete formation of the team which will start working in 2011. He said the same measure is possible for forestry sector but now the government is focusing on the most destructive industry because it relates to the sustainability of the resources.