Malaysia raises benchmark price of crude palm oil in September, increases duty to 10%
Malaysia is raising the benchmark price of crude palm oil in September, which will increase the export duty rate to 10%. This was announced in an order published on the website of the Malaysian Palm Oil Board (MBOP) on Thursday.
The world’s second-largest palm oil exporter calculated the benchmark price for September at RM4,053.43 per tonne. The benchmark price for August was RM3,864.12 per tonne, which corresponded to a duty of 9%.
Recall that the initial export duty rate for palm oil in Malaysia is 3% if the price range is between RM2,250 and RM2,400 per tonne. The maximum tax rate is set at 10% for prices exceeding RM4,050 per tonne of product.
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