LME Allows Malaysian Warehouses to Accept Metal After Tax Ruling
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The London Metal Exchange will allow Malaysian warehouses to keep accepting metal after finance officials exempted transactions from a new tax, according to a statement from the exchange.
The LME threatened earlier this month to stop letting warehouse companies in Johor and Port Klang from issuing warrants if the metal was subject to a goods and services tax that starts April 1. Malaysia’s warehouses hold about 85 percent of the LME-registered tin and about half of the nickel globally, as well as almost all zinc and lead in Asia, bourse data show.