Malaysia keeps July crude palm oil export duty at 8.0%
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KUALA LUMPUR: Malaysia has maintained its July export tax for crude palm oil at 8% and lowered its reference price, a circular on the Malaysian Palm Oil Board website showed on Wednesday.
The world’s second largest palm exporter calculated a reference price of RM3,604.73 per tonne for July. The June reference price was RM4,144.31 a tonne.
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. – Reuters
