Govt cuts November CPO export tax to 9%

Selasa, 30 Oktober 2012 | 09:19


The government cuts the crude palm oil export tax for November 2012 to 9% from 13.5% in the previous two months.Director General of Foreign Trade at Ministry of Trade Deddy Saleh said the cut of export tax is in line with the declining of crude palm oil (CPO) price in the international market.

The CPO reference price in November is around US$847 per metric tons or lower from US$999.17 per metric tons in October.

The reference price refers to the cost insurance freight (CIF) of CPO in Rotterdam, Malaysia market and/or Indonesia market in the last one month.

“The determination of CPO export tax at 9% will be carried out this afternoon as prices fall,” he said in Jakarta, Monday (10/29/2012).

As for the CPO export reference price (HPE) for November, it will be set at US$776 per metric tons or lower from US$927 per metric tons a month earlier. The HPE is set based on the average free on board in the last one month.

Deddy said the declining CPO export tax could lead to an increase in the export next month. (T06/TW)

by Arsyad Paripurna, Sri Mas Sari
source http://en.bisnis.com