Malaysia keeps October crude palm oil export duty at 8%

Malaysia has maintained its October export tax for crude palm oil at 8% 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 RM3,710.50 per metric ton for October. The September reference price was RM3,755.13 a ton.

The export tax structure starts at 3% for crude palm oil in a RM2,250 to RM2,400 per tonne range. The maximum tax rate is set at 8% when prices exceed RM3,450 a tonne.

Tags: Crude palm oil, Malaysia, Malaysian Palm Oil Board, tax, reference price, export