Indonesia Increasing Palm Oil Export Tax Seen Curbing Shipments
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Indonesia will raise taxes on palm oil exports in February in the first increase in nine months, potentially curbing shipments from the largest producer as rival Malaysia maintains a zero-tariff policy for a second month.
The duty will be raised to 9 percent from 7.5 percent in January, according to a Trade Ministry decree on its website today. The base price to calculate the levy will be increased to $744 a metric ton from $709, it said. This is the first increase in taxes since May, according to data compiled by Bloomberg.