Indonesia to collect up to US$ 50 per tonne palm oil export levies in January

TAX - JAKARTA. Indonesia is set to collect an up to US$ 50 per tonne export levy on palm oil in January.

The reference price for crude palm oil (CPO) has been set at US$ 729.72 per tonne for January, the trade ministry said in a statement on Friday.

Under current rules, the world's top palm oil producer collects export tax when its CPO reference price is above a $750-per-tonne threshold and levies when it is above $570 per tonne.

Read Also: Harga CPO mencapai level tertinggi sejak Februari 2017

Levies of $10-$25 per tonne should be collected from exports of palm oil and its derivatives when the reference price is above that threshold and this would go up to $20-$50 per tonne when prices top $619 per tonne.

The government had, however, relieved exporters of levies in the past few months to protect farmers, and said it would begin collecting again in January.

December's reference price was $650.18 a tonne.

The government will also keep cocoa bean export tax at 5% in January, the ministry said in the statement.

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