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.
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