Palm Oil Export Levy Will Be Changed

The government will change the cost of crude palm oil (CPO) export levies. It is planned that the levy on palm oil export tariffs will be implemented this month.

Based on the new regulation, export levies will start at a price of USD 750 per tonne, in which each price increase of USD 50 per tonne will be subject to two tariffs. "The PMK is being revised so that it can be issued as soon as this month, if possible this June. Actually, it should have been two weeks sooner," Finance Minister Sri Mulyani said in a virtual video, Head of the Fiscal Policy Agency Febrio Nathan Kacaribu added, every USD 50 increase in CPO will apply two tariffs for CPO of USD 20 and for CPO derivatives USD 16. "So for every USD 50 increase in CPO price, the export levy rate for CPO goes up USD 20, while for every USD 50 increase in CPO the tariff increase for derivatives of CPO is USD 16," he said. Later, the maximum tariff for export levies stops when the CPO price is USD1,000 per tonne, i.e. the export levy is USD175 per tonne. "The export levy rate was when it was USD1000 per ton, where the export tariff was 750 dollars, after that it didn't go up anymore," he said.

|•SOURCE•| Image :FFTC |

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