Malaysia, the world’s second-largest palm oil producer, has maintained its September crude palm oil (CPO) export duty at eight 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 dollars) from 5,257.91 ringgit (about 1,177 dollars) per tonne in August.
Based on the tax structure, no export duty would be imposed on any CPO price below 2,250 ringgit (503.69 dollars) per tonne.
An export tax of 3 per cent would 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 eight per cent when the CPO prices are above 3,450 ringgit (772.33 dollars) per tonne.
(Xinhua/NAN)
