Malaysia keeps August crude palm oil export duty at 8.0%
Malaysia has maintained its August export tax for crude palm oil at 8% and raised its reference price, a circular on the Malaysian Palm Oil Board website showed on Friday.
The world’s second-largest palm exporter calculated a reference price of 3,614.28 ringgit ($800.15) per metric ton for August. The July reference price was 3,604.73 ringgit a ton.
The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-ton range. The maximum tax rate is set at 8% when prices exceed 3,450 ringgit a ton.
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