Malaysia keeps July crude palm oil export duty at 8%

Malaysia has maintained its July export tax for crude palm oil at 8%and lowered its reference price, a circular on the Malaysian Palm Oil Board website showed on Wednesday.

The world’s second-largest palm exporter calculated a reference price of 3,839.63 ringgit ($814.34) per metric ton for July. June’s reference price was 3,956.06 ringgit a ton.

The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-ton range. The maximum tax rate is set at 8% when prices exceed 3,450 ringgit a ton.

Tags: Crude palm oil, Malaysia, export tax, reference price