Malaysia lowers November crude palm oil reference price, maintains duty at 10%
Malaysia has lowered its November crude palm oil reference price to a level that maintains the export duty at 10%, a circular on the Malaysian Palm Oil Board website showed on Tuesday.
The world’s second-largest palm exporter calculated a reference price of RM4,262.23 (US$1,008.10) per metric tonne for November. The October reference price was RM4,268.68 a tonne, and incurred a duty of 10%.
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 10% when prices exceed RM4,050 a tonne.
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