Malaysia hikes August crude palm oil reference price, raising duty to 9%
Malaysia has increased its August crude palm oil reference price, a change that raises export duties to 9%, a circular on the Malaysian Palm Oil Board website showed on Thursday.
The world’s second largest palm exporter calculated a reference price of RM3,864.12 per tonne for August. The July reference price was RM3,730.48 a tonne, with a duty of 8.5%.
The export tax structure starts at 3% for crude palm oil when prices are between RM2,250 and RM2,400 per tonne. The maximum tax rate is 10% and kicks in when prices exceed RM4,050 per tonne.
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