Crude Palm Oil Export Tax Threshold Reduced So Indonesia Can Hit Up to $5 Billion in Revenue
Indonesia is targeting up to $5 billion in revenue from furniture exports this year by reducing the export threshold on crude palm oil.
Certification will be given by the Government to ensure the furniture industry is using materials from forests that are sustainably managed. Certification costs will be covered by the Industry Ministry. The Ministry will use a multi-stakeholder tracking system called the SVLK (Certification and Legality Procedures) to ensure the legality of the process.
The SVLK System
Indonesia’s SVLK system was developed for the trade and distribution of forest products to facilitate the current regulations of the industry. Export financing will also be facilitated by the Indonesian Export Financing Agency (LPEI).
When it comes to raw material supplies, Indonesia has the upper hand. It has potential to become the regional leader in the ASEAN furniture industry.
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