Malaysia maintains the October export duty on crude palm oil at 8%
Malaysia has maintained the October export duty on crude palm oil at 8% and lowered the benchmark price, according to a circular published on the Malaysian Palm Oil Board website on Tuesday.
The world’s second-largest palm exporter calculated the October benchmark price at 3,710.50 ringgit per metric ton. The September base price was 3755.13 ringgit per ton.
The export tax structure starts at 3% for crude palm oil and varies from 2250 to 2400 ringgit per ton. The maximum tax rate is only set at 8% if prices exceed 3450 ringgit per ton.
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