KUALA LUMPUR, Feb 17 (NNN-BERNAMA) – Malaysia, the world’s second-largest palm oil producer, has maintained its crude palm oil (CPO) export duty for March at eight percent.
A circular from the Malaysian Palm Oil Board website, showed yesterday that, the CPO reference price for March has been increased to 3,793.94 ringgit (794 U.S. dollars) per tonne, from 3,571.39 ringgit per tonne in Feb.
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 0.21 U.S. dollar)– NNN-BERNAMA
