Malaysia maintains October CPO export duty at 8 pct
Sep 16, 2022
Kuala Lumpur [Malaysia], September 16: Malaysia has kept its October crude palm oil (CPO) export duty at 8 percent, a circular of its industry regulator Malaysian Palm Oil Board showed Thursday.
The world's second largest palm oil producer, however, raised the palm oil reference price for October to 4,033.51 ringgit (889 U.S. dollars) per ton from 3,907.51 ringgit (862 dollars) per ton for September.
Based on the tax structure, no export duty will be imposed on any CPO price below 2,250 ringgit (496 dollars) per ton.
An export tax of 3 percent will be imposed when the CPO price ranges between 2,250 ringgit (496 dollars) and 2,400 ringgit (529 dollars) per ton.
The maximum tax rate is 8 percent when the CPO prices are above 3,450 ringgit (760.75 dollars) per ton.
Source: Xinhua
