Malaysia keeps February’s crude palm oil exports tax at 8 pct

Malaysia has kept its crude palm oil (CPO) export duty 8 percent in February, and raised its reference price, the Malaysian Palm Oil Board circular showed on Thursday.

The world’s second largest palm oil producer raised the CPO reference price in February to 3,893.25 ringgit from 3,889.52 ringgit per tonne in January.

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 3 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 0.24 U.S. dollar).

Tags: Crude palm oil, Malaysia, export duty, Malaysian Palm Oil Board, CPO, reference price