(Sharecast News) - Palm oil producer MP Evans said on Thursday that the Indonesian government was making changes to its palm oil export tax bands, effective immediately.
The AIM-traded firm said previously, export tax became payable in increasing amounts based on $50 price bands starting at crude palm oil reference prices above $750 per tonne.
It said the export tax would still be payable based on $50 price bands, but that it would now start at reference prices above $680 per tonne.
The effect would increase the export tax by up to $74 per tonne, depending on the crude palm oil reference price.
"The crude palm oil export levy, which has been temporarily cancelled until the start of September, remains unchanged from that announced by the company on 19 July, at which point it had decreased by up to $90 per tonne from the previous arrangement, depending on the reference price," MP Evans said in its statement.
"Management will continue to monitor the situation closely as the new arrangements come into force."
At 1336 BST, shares in MP Evans Group were up 0.49% at 824p.
Reporting by Josh White at Sharecast.com.
M P Evans (MPE)