Indonesia sets June 15 start date for palm export levy: minister

[JAKARTA] Indonesia will start imposing a US$50 per tonne levy on crude palm oil exports as part of its new biodiesel regulations from June 15, Coordinating Minister of Economic Affairs Sofyan Djalil told reporters on Friday.

"It will be affective from Monday," said Mr Djalil on the regulation, which was announced in late March and signed by President Joko Widodo last month.

The regulation will require exporters to pay a tax of US$50 per tonne of crude palm oil and US$30 for processed palm oil products shipped at a zero export tax rate. When average prices drop below US$750 a tonne, the world's top producer of the edible oil cuts the monthly tax on exports to zero.

REUTERS