KUALA LUMPUR, Jan 27 (NNN-BERNAMA) – Malaysia has kept its crude palm oil (CPO) export duty at eight percent in Feb, and raised its reference price, the Malaysian Palm Oil Board circular showed, yesterday.
The world’s second largest palm oil producer, raised the CPO reference price in Feb to 3,893.25 ringgit from 3,889.52 ringgit per tonne, in Jan.
Based on the tax structure, no export duty will be imposed on any CPO price below 2,250 ringgit per tonne.
An export tax of three percent will be imposed when the CPO price ranges between 2,250 ringgit and 2,400 ringgit per tonne.
The maximum tax rate is eight percent, when the CPO prices are above 3,450 ringgit per tonne. (1 ringgit equals 0.24 U.S. dollar)– NNN-BERNAMA
