Fri, 31 Oct 2008
Jakarta (ANTARA news) - The zero percent tax on crude palm oil (CPO) exports will not raise domestic cooking oil prices, an official said.

"I think it will not (raise cooking oil prices) because our system is like that. If our CPO exports fall we will reduce their obstacles because at the same time we also want to boost CPO exports. More importantly, we want to raise the prices of fresh fruit bunches which are declining now," Bayu Krisnamurti, assistant for agriculture and fisheries to the coordinating minister for economic affairs, said here on Thursday.

By Thursday cooking oil prices still showed a downward trend, he said expressing hope that the prices would not fall further when the government exempts CPO from export tax starting on November 1.

Asked by how much the country`s CPO exports will increase when tax on CPO exports is zero percent, he said the government is not ambitious to increase the volume of CPO exports but wants the target of CPO exports for this year achieved.

"We want the total volume of CPO exports this year to come close to 13 million tons. We hope the target can be achieved as many buyers have shown signs of default. By providing such incentives, our CPO exporters can compete with foreign rivals in the international market," he said.

Asked whether the zero percent tax on CPO exports will affect the target of export tax receipts in the 2008 state budget, he said the target has almost been achieved. "By September, the target of export tax receipts for 2008 was almost achieved," he said. (*)



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