Jakarta (ANTARA News) - The government is set to impose a progressive tax in the range of 0-10 percent on crude palm oil (CPO) exports starting September 1, an Agriculture Ministry official said.

“Until now, we have been adopting a new policy (on CPO exports) once every three months. In the future, there will only be a single policy. Tonight (Wednesday night) we will finalize the policy which will take effect September 1,” Director General of Plantations Ahmad Manggabarani said here Wednesday.

At a meeting to be held in Bali on Wednesday night, he said, the government would decide the range of the increase in the percentage of taxes on CPO exports.

“Malaysia has already adopted such a policy. If the CPO price increases by a certain amount, the export tax will rise by a certain amount too by referring to the table. Given…

Share The Story :

By Peter Kaujju and Alice Kiingi

PRICES of manufactured goods increased by 8.1% in June compared to the same period last year, a report from the Uganda Bureau of Statistics (UBOS) has shown.

“The rise in prices of vegetable and animal oils was due to the increased cost of crude palm oil. The increase in chemicals, paint, soap and foam products was mainly due to a 15.6% increase in prices of soap and 16.6% rise in prices of foam products,” Imelda Atai, the bureau’s principal officer for business and industry, said.

Atai attributed the increase in food prices to a rise in vegetable and animal oils’ prices, processed coffee and sugar.

Food contributed 9.6%, chemicals, paint, soap and foam products 11.9% and bricks and cement 13.8% to increase in producer prices.

It was also due to a general increase in prices in all sectors except the drinks and tobacco…

Share The Story :

JAKARTA: Indonesia plans to scrap a 10 percent value-added tax (VAT) on crude palm oil sold to cooking oil processors and peg a tax on palm oil exports to global prices to ease local cooking oil prices, Agriculture Minister Anton Apriyantono said on Wednesday.

Apriyantono said by scrapping value-added tax producers would be more interested in processing crude palm oil at home. “Scrapping value-added tax will be an incentive for producers to process crude palm oil at home instead of exporting it because it will be cheaper,” Apriyantono said. He said part of the policy would also be to raise the palm oil export tax.

“The (increase) in palm oil export tax will help curb exports. The tax will move in line with international It could be raised to 10 percent depending on the prices,” he added. “I think it is fair for a long-term solution,”…

Share The Story :

BURSA MALAYSIA DERIVATIVES BHD
Wednesday, August 29, 2007
Source from The Star

The Crude Palm Oil Futures Closing: Tuesday, August 28, 2007

(Prices are in RM/tonne)

MONTH	OPEN	HIGH	LOW	SETT	Vol	O.P
Share The Story :

KUALA LUMPUR, (Bernama) — The palm oil industry will continue to enjoy better prices in the future due to the tight supply of edible oils and fats in the world market and strong demand for palm oil as feedstock for the production of palm based biodiesel.

In expressing optimism for Malaysia’s golden crop, Plantation Industries and Commodities Minister Datuk Peter Chin Fah Kui said the demand for palm oil would continue to increase as soya bean producers switch to corn to capitalise on bio-ethanol production.

“2007 has been a fruitful year for the industry. The price of palm oil, fetching a record price of above RM2,000 per tonne in January 2006, rallied to surpass RM2,600 in the middle of this year up from about RM1,400 a year ago,” he said at the opening ceremony of the biennial International Palm Oil Congress (PIPOC…

Share The Story :

Read More