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UPDATE 1-Indonesia lowers thresholds on palm oil export levies

(Adds details, table) JAKARTA, Aug 31 (Reuters) - The world's top palm oil producer Indonesia lowered the thresholds for its levies on shipments of the commodity on Wednesday, following a similar move to adjust export taxes. The new levies come into effect on Nov. 1, marking an end to several months where the country waived the tariffs to encourage shipments amid a glut in domestic stock. The new rules charge a maximum levy of $240 per tonne when the crude palm oil reference price (CPO) hits over $1,430 per tonne, the regulations posted on the finance ministry's website showed. Before the levies were waived in mid-July, a maximum $200 tariff kicked in when the CPO crossed $1,500 per tonne. The minimum levy of $55 remains unchanged but will only apply when the CPO reference price is up to $680 per tonne, having previously been up to $750 per tonne. The levies progressively increase thereafter. Indonesia collects levies, on top of a separate palm oil export taxes, to fund its palm oil programmes such as replanting and biodiesel subsidy. Earlier this month, the finance ministry also lowered the threshold for applying export tax on palm oil. Below are the full details of the new levies and export tax: Tax Levy Up to $680 0 55 >$680 - $730 3 65 >$730 - $780 18 75 >$780 - $830 33 85 >$830 - $880 52 90 >$880 - $930 74 95 >$930 - $980 124 100 >$980 - $1,030 148 105 >$1,030 - $1,080 178 110 >$1,080 - $1,130 201 115 >$1,130 - $1,180 220 120 >$1,180 - $1,230 240 140 >$1,230 - $1,280 250 160 >$1,280 - $1,330 260 180 >$1,330 - $1,380 270 200 >$1,380 - $1,430 280 220 >$1,430 288 240 (Reporting by Bernadette Christina Munthe and Fransiska Nangoy; Editing by John Geddie)

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