Malaysian palm oil futures edged up on Tuesday, coming off a more than one-week low hit earlier as higher overseas sales underpinned prices.
KUALA LUMPUR: The crude palm oil (CPO) export duty rate will be increased to 8% in March 2017 from 7.5% this month.
In a statement today, the Malaysian Royal Customs Department said, the increase was based on the Customs Act 1967 under the Customs (Values) (Palm Oil) Order 2013, which took effect from January 2013.
It said the reference price for CPO in March 2017 has been set at RM3,337.30 per metric tonne (pmt), of which the export duty will be at RM266.98 pmt, as compared to RM3,279.76 pmt with RM245.98 pmt export duty this month.
Under the Act, an eight per cent export duty will be imposed if the CPO prices were to linger between RM3,301-RM3.450 pmt while 7.5 per cent export duty is for the price of between RM3,151-RM3,300 pmt, it said. - Bernama
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