KUALA LUMPUR, Sept 20 (NNN-BERNAMA) – Malaysia, the world’s second-largest palm oil producer, yesterday maintained its crude palm oil export duty at eight percent.
According to a Malaysian Palm Oil Board (MPOB) circular, the crude palm oil (CPO) reference price for Oct has been lowered to 3,710.50 ringgit (790.14 U.S. dollars) from 3,755.13 ringgit in Sept.
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 8 percent, when the CPO prices are above 3,450 ringgit per tonne. (1 ringgit equals 0.21 U.S. dollar)– NNN-BERNAMA
