Malaysia keeps May crude palm oil export duty at 8%
Malaysia has maintained its May export tax for crude palm oil at 8% and raised its reference price, a circular on the Malaysian Palm Oil Board website showed on Monday.
The world’s second-largest palm exporter calculated a reference price of 4,063.58 ringgit per tonne for May. The April reference price was 4,031.45 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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