Crude Palm Oil Breaking News (Source: Unknown):
Indonesia will lower its maximum export tax rate for palm oil to 22.5% from 25%, effective Oct. 1, the Trade Ministry said Thursday.
The minimum tax rate for the cooking oil, found in a consumer products ranging from biscuits to chocolates and lipsticks, will also be revised, to 7.5% from 1.5%, according to ministry documents.
The reference price for crude palm oil will be calculated base on average prices at Rotterdam, Bursa Malaysia Derivatives or the Jakarta Bourse, it said.
Previously, the government only used Rotterdam to calculate the reference price.
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