Indonesia to collect up to $50/T palm oil export levies in Jan

JAKARTA, Indonesia is set to collect an

up to $50 per tonne export levy on palm oil in January.

The reference price for crude palm oil (CPO) has been set at

$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.

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. nL3N26F2IP

December's reference price was $650.18 a tonne. nL4N28D1DP

The government will also keep cocoa bean export tax at 5% in

January, the ministry said in the statement.

Source: ASEAN Exchanges