Malaysia raises October palm oil reference price, keeps export duty at 10%
Malaysia has raised its October crude palm oil reference price to a level that maintains the export duty range at 10%, a statement by the Malaysian Palm Oil Board showed on Friday.
The world’s second largest palm exporter calculated a reference price of RM4268.68 (US$1,015.87) per metric tonne for October. The September reference price was RM4,053.43 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.
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