Business News Asia
The Malaysian Palm Oil Board said Malaysia that the world’s second-largest palm oil producer will leave the export tax on crude palm oil (CPO) unchanged at 8% in September.
Malaysia lowered its reference price for crude palm oil in September to 3,907.51 ringgit ($875) from 5,257.91 ringgit ($1,177) per ton in August.
Under the official tax structure, Malaysia will not levy duties on exports of crude palm oil priced below 2,250 ringgit ($503.69) per ton.
If crude palm oil prices are between 2,250 ringgit ($503.69) and 2,400 ringgit ($537.27) per ton, a 3% export tax will be imposed on crude palm oil, and the maximum export tax will be 8% if the crude palm oil price is above 3,450 ringgit ($772.33) per ton.