Malaysia raises December crude palm oil export duty to 10%

Malaysia has raised its December export tax for crude palm oil to 10% from 8% and increased 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 RM4,471.39 per metric ton for December. The November reference price was RM3,949.73 a ton.

The export tax structure starts at 3% for crude palm oil in a range of RM2,250 to RM2,400 per ton. The maximum tax rate is set at 10% when prices exceed RM4,050 a ton.

The new tax rate comes after the government in October announced a revision to the maximum export duty rate to 10% for crude palm oil priced above RM4,050, starting from November. The maximum rate was previously set at 8%.

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Tags: prices, Crude palm oil, Malaysia, export duty, tax rate, export tax, reference price