The Business Times
business-time-50

Indonesia palm oil fund agency sees 2024 export levy collections at 29 trillion rupiah

google-preferred-sourceAdd BT as a preferred source
Published Thu, Dec 7, 2023 · 01:54 PM
    • Indonesia, the world’s biggest exporter of palm oil, uses proceeds from the levy to subsidise biodiesel and fund palm replanting programmes.
    • Indonesia, the world’s biggest exporter of palm oil, uses proceeds from the levy to subsidise biodiesel and fund palm replanting programmes. PHOTO: REUTERS

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    INDONESIA’S palm oil fund agency predicts it will collect 29 trillion rupiah (S$2.5 billion) in revenues from export levies in 2024, slightly below this year, its chief executive said on Thursday (Dec 7).

    Eddy Abdurrachman provided the 2024 estimate to reporters based on an assumption that palm oil prices will fall next year and without providing a figure for 2023.

    Indonesia, the world’s biggest exporter of palm oil, uses proceeds from the levy to subsidise biodiesel and fund palm replanting programmes.

    Exporters pay levies at a rate that is determined based on a government-set palm oil reference price.

    Indonesia earlier this year widened its mandate for palm oil blend in biodiesel to 35 per cent from 30 per cent, called the B35 programme, the world’s highest mandatory mix of palm oil in biodiesel. REUTERS

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    IndonesiaPalm oilCommoditiesexports

    Share with us your feedback on BT's products and services

    Feedback

    TRENDING NOW

    With the move, Ensign InfoSecurity will be reclassified as an associated company of StarHub, rather than a subsidiary.

    StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain

    The yen weakened to a low of 125.33 yen per Singdollar on April 13, before recovering slightly to about 124.91 on April 15.

    Singaporeans can now buy record amount of yen per Singdollar

    Air India has been one of the foreign carriers most affected by the outbreak of hostilities in the Middle East.

    Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss

    Keppel DC Singapore 7 and 8 (above). Portfolio occupancy of the Reit stands at 95.6%, with a reversion of about 51%.

    Keppel DC Reit posts 13.2% higher Q1 DPU of S$0.02833 on strong portfolio performance

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More