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
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
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