Malaysia, the world’s second-largest palm oil producer, has maintained its September crude palm oil (CPO) export duty at 8 percent, the Malaysian Palm Oil Board circular showed on Wednesday.
However, it lowered the CPO reference price in September to 3,907.51 ringgit (about 875 U.S. dollars) from 5,257.91 ringgit (about 1,177 dollars) per tonne in August.
Based on the tax structure, no export duty will be imposed on any CPO price below 2,250 ringgit (503.69 dollars) per tonne.
An export tax of 3 percent will be imposed when the CPO price ranges between 2,250 ringgit (503.69 dollars) and 2,400 ringgit (537.27 dollars) per tonne.
The maximum tax rate is 8 percent when the CPO prices are above 3,450 ringgit (772.33 dollars) per tonne.
Source: English News