Malaysia to raise CPO export tax next month

Drone photo of Tennamaram palm oil estate. To be use in future or archive. IZZRAFIQ ALIAS / The Star. June 16, 2017.

KUALA LUMPUR: Malaysia will raise its crude palm oil export tax to 6.5% in July from 6% this month.

According to the Malaysian Palm Oil Board, effective July 1-31 the calculated palm oil reference price will be RM2,890.04 (US$676.35) per tonne.

“A price above RM2,250 incurs a tax, which starts from 4.5% and can reach a maximum of 8.5%,“ it said.

Malaysia, which is the world’s second largest palm oil producer after Indonesia, has lowered the tax for a third consecutive month in June, down from 7% in May. - Bernama