Malaysia keeps May crude palm oil export duty at 10%, lowers reference price
Malaysia has maintained its May export tax for crude palm oil at 10% and lowered 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 4,449.35 ringgit ($1,008.47) per metric ton for May. The April reference price was 4,547.79 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 10% when prices exceed 4,050 ringgit a ton.
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