Indonesian Export Tax Update

RNS Number : 6122V

M. P. Evans Group PLC

11 August 2022

 

M.P. EVANS GROUP PLC

("the Group" or "M.P.Evans")

INDONESIAN GOVERNMENT ANNOUNCES REVISIONS TO EXPORT LEVY

M.P.Evans Group PLC, a producer of sustainable Indonesian palm oil, notes the announcement by the Indonesian government regarding changes to its palm-oil export tax bands, which are effective immediately. Previously, export tax became payable in increasing amounts based on US$50 price bands starting at CPO reference prices above US$750 per tonne. The export tax continues to be payable based on US$50 price bands, but this now starts at CPO reference prices above US$680 per tonne. The effect is to increase the export tax by up to US$74 per tonne depending on the CPO reference price. The CPO export levy, which has been temporarily cancelled until the start of September, remains unchanged from that announced by the Company on 19 July 2022, at which point it had decreased by up to US$90 per tonne from the previous arrangement, depending on the CPO reference price. Further details are shown in the tables in the annex to this announcement.

Management will continue to monitor the situation closely as the new arrangements come into force.

11 August 2022

Enquiries:

M.P. Evans Group PLC	Telephone: [phone]
Peter Hadsley-Chaplin - chairman
Matthew Coulson - chief executive
Peel Hunt LLP (Nomad and joint broker)	Telephone: [phone]
Dan Webster, Andrew Clark, Lalit Bose
finnCap (Joint broker)	Telephone: [phone]
Tim Redfern, Harriet Ward
Hudson Sandler (Financial PR)	Telephone:  [phone]
Charlie Jack, Francis Kerrigan

ANNEX

Table 1 - updated structure from 9 August 2022 to 31 August 2022

Reference price					Net price at top of	Net price under prior
From	To	Levy	Tax	Total	band	structure
0	680	-	-	-	680	680
681	730	-	3	3	727	730
731	780	-	18	18	762	777
781	830	-	33	33	797	812
831	880	-	52	52	828	847
881	930	-	74	74	856	878
931	980	-	124	124	856	906
981	1,030	-	148	148	882	906
1,031	1,080	-	178	178	902	932
1,081	1,130	-	201	201	929	952
1,131	1,180	-	220	220	960	979
1,181	1,230	-	240	240	990	1,010
1,231	1,280	-	250	250	1,030	1,040
1,281	1,330	-	260	260	1,070	1,080
1,331	1,380	-	270	270	1,110	1,120
1,381	1,430	-	280	280	1,150	1,160
1,431	and above	-	288	288

Table 2 - updated structure from 1 September 2022

Reference price					Net price at top of	Net price under prior
From	To	Levy	Tax	Total	band	structure
0	680	55	-	55	625	625
681	730	55	3	58	672	675
731	750	55	18	73	677	695
751	780	65	18	83	697	712
781	800	65	33	98	702	732
801	830	75	33	108	722	737
831	850	75	52	127	723	757
851	880	85	52	137	743	762
881	900	85	74	159	741	782
901	930	90	74	164	766	788
931	950	90	124	214	736	808
951	980	95	124	219	761	811
981	1,000	95	148	243	757	831
1,001	1,030	100	148	248	782	806
1,031	1,050	100	178	278	772	826
1,051	1,080	105	178	283	797	827
1,081	1,100	105	201	306	794	847
1,101	1,130	110	201	311	819	842
1,131	1,150	110	220	330	820	862
1,151	1,180	115	220	335	845	864
1,181	1,200	115	240	355	845	884
1,201	1,230	120	240	360	870	890
1,231	1,250	120	250	370	880	910
1,251	1,280	140	250	390	890	900
1,281	1,300	140	260	400	900	920
1,301	1,330	160	260	420	910	920
1,331	1,350	160	270	430	920	940
1,351	1,380	180	270	450	930	940
1,381	1,400	180	280	460	940	960
1,401	1,430	200	280	480	950	960
1,431	and above	200	288	488

 

END

 

 

MSCEBLFFLVLBBBV