KUALA LUMPUR: Malaysia, the world's second-largest palm grower, will scrap its crude palm oil export tax for the month of May against a 4.5 percent rate imposed in April, a government circular showed on Tuesday.
The rate was previously scrapped from September to December, with the step later extended to end-March. In April, a 4.5 percent tax was implemented based on a tax structure where a monthly reference price above 2,250 ringgit will incur a duty.
The Southeast Asian country calculated a reference price of 2,198.98 ringgit ($594) per tonne for May crude palm oil, effectively abolishing the export duty. ($1 = 3.6990 ringgit) - Reuters
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