Malaysia keeps March crude palm oil export duty at 8%
Malaysia has maintained its March export tax for crude palm oil at 8% and lowered the 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 3,710.35 ringgit ($835.85) per tonne for March. The February reference price was 3,893.25 ringgit a tonne.
The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit per tonne range. The maximum tax rate is set at 8% when prices exceed 3,450 ringgit a tonne.
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