Malaysia raises December crude palm oil export duty to 10%

Malaysia has raised its December export tax for crude palm oil to 10% from 8% and increased its reference price, a circular on the Malaysian Palm Oil Board website showed on Tuesday.

The world’s second-largest palm exporter calculated a reference price of 4,471.39 ringgit ($1,001.21) per metric ton for December. The November reference price was 3,949.73 ringgit a ton.

The export tax structure starts at 3% for crude palm oil in a range of 2,250 to 2,400 ringgit per ton. The maximum tax rate is set at 10% when prices exceed 4,050 ringgit a ton.

The new tax rate comes after the government in October announced a revision to the maximum export duty rate to 10% for crude palm oil priced above 4,050 ringgit, starting from November. The maximum rate was previously set at 8%.

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Tags: Malaysia, palm oil