Government raises CPO export tax by 20 pct
Jakarta (ANTARA News) - The government has raised crude palm oil (CPO) export tax from 10 to 20 percent for April shipment because the CPO price in the world market in March has reached a record high, Trade Minister Mari Elka Pangestu said.
"The average price of CPO in March was 1,200 US dollars per ton so that its export tax has now been raised by 20 percent," the minister said on the sidelines of a cheap cooking oil selling operation in Jombang, East Java, on Tuesday.
The rate of CPO export tax for one month ahead is fixed based on the average price a month earlier in Rotterdam, the Netherlands.
In March, the average price of CPO was maintained at over 1,200 US dollars per ton with the highest record of 1,395 US per ton. After it reached the highest level, the CPO price began to fall and until Monday (March 24) it was recorded at 1,155 US dollars per ton.
According to the Trade Ministry`s calculations, the reference used to fix the rate of the CPO export tax is 1,273 US dollars per ton.
Besides the export tax, the Trade Ministry also fixed the export reference price for CPO at 1,192 US dollars per ton. (*)
"The average price of CPO in March was 1,200 US dollars per ton so that its export tax has now been raised by 20 percent," the minister said on the sidelines of a cheap cooking oil selling operation in Jombang, East Java, on Tuesday.
The rate of CPO export tax for one month ahead is fixed based on the average price a month earlier in Rotterdam, the Netherlands.
In March, the average price of CPO was maintained at over 1,200 US dollars per ton with the highest record of 1,395 US per ton. After it reached the highest level, the CPO price began to fall and until Monday (March 24) it was recorded at 1,155 US dollars per ton.
According to the Trade Ministry`s calculations, the reference used to fix the rate of the CPO export tax is 1,273 US dollars per ton.
Besides the export tax, the Trade Ministry also fixed the export reference price for CPO at 1,192 US dollars per ton. (*)