RSS Feed

RTRS - Malaysia crude palm oil export tax seen at zero for Jan

Posted by Flora Sawita


SINGAPORE, Dec 11 (Reuters) - Malaysia will set a tax rate for the export of crude palm oil for January by using the average sales price from Nov. 10 to Dec. 9 as the reference price, a government source said, a level that analysts said could result in zero tax.

The new tax rate comes under a plan approved by the world's second-largest palm oil producer in October to cut crude palm oil (CPO) export taxes as it tries to claw back market share from top producer Indonesia.

Under the new structure, January export taxes are likely be set at zero, given that the average CPO price from Nov. 10 to Dec. 9 fell below the lowest reference price of 2,250 ringgit ($740) per tonne, Maybank Investment Bank said in a research note on Tuesday.

This would help Malaysian exporters ship as much CPO as possible to reduce a record stockpile of 2.56 million tonnes in November.

The government will announce the tax levy on the 15th of every month using Malaysian Palm Oil Board prices for reference and will formalise the January tax in a gazette set to be issued on Dec. 17, said the source, who declined to be identified because he is not authorised to speak to the media.

Malaysian exporters have been concerned that the new tax mechanism could spark a tax war with Indonesia, although the world's largest palm oil producer said it was resisting pressure to change its export tax system in response to Malaysia's planned tax cuts, a junior minister said on Tuesday.




0 comments:

Posting Komentar

Label

2011 News AGRIBISNIS APINDO Africa Agriculture Business Agriculture Land Argentina Australia Bangladesh Berita Berita Detikcom Berita Info Jambi Berita Kompas Berita Padang Ekspres Berita Riau Pos Berita Riau Today Berita Tempo Berita riau terkini Biodiesel Bursa Malaysia CPO Tender Summary Cattle and Livestock China Cocoa Company Profile Corn Cotton Crude Palm Oil (CPO) and Palm Kernel Oil (PKO) Dairy Dairy Products Edible Oil Euorope European Union (EU) FDA and USDA Fertilizer Flood Food Inflation Food Security Fruit Futures Futures Cocoa and Coffee Futures Edible Oil Futures Soybeans Futures Wheat Grain HUKUM India Indonesia Info Sawit Investasi Invitation Jarak pagar Kakao Kapas Karet Kebun Sawit BUMN Kebun Sawit Swasta Kelapa sawit Kopi Law Lowongan Kerja MPOB Malaysia Meat News Nilam Oil Palm Oil Palm - Elaeis guineensis PENGUPAHAN PERDA Pakistan Palm Oil News Panduan Pabrik Kelapa Sawit Penawaran menarik Pesticide and Herbicide Poultry REGULASI RSPO Rice SAWIT Serba-serbi South America Tebu Technical Comment (CBOT Soyoil) Technical Comment (DJI) Technical Comment (FCPO) Technical Comment (FKLI) Technical Comment (KLSE) Technical Comment (NYMEX Crude) Technical Comment (SSE) Technical Comment (USD/MYR) Teknik Kimia Thailand Trader's Event Trader's highlight USA Ukraine Usaha benih Vietnam Wheat benih bermutu benih kakao benih kelapa benih palsu benih sawit benih sawit unggul bibit sawit unggul biofuel biogas budidaya sawit corporation palm oil pembelian benih sawit perburuhan pertanian soybean umum varietas unggul