Palm oil tax cuts again for Indonesia -

Palm oil tax cuts again for Indonesia

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Palm oil tax cuts again for Indonesia

A fall in crude palm oil (CPO) prices has led the Indonesian Government to cut export duties on the product by five percentage points for May shipments, website reported.

The Indonesian Government's policy is to incrementally changes CPO taxes based on the commodity's international exchange prices, which meant they needed to bring down the duty from 22.5% to 17.5% for May, the story reported.

The recent move means the government will have effectively cut CPO tax rates by 30% over a two-month period.

The country's palm oil producers and exporters have called for a change in the progressive tax system, with the government currently revising regulations in terms of floor prices and export levies, the story reported.

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